SA: S&P, Nasdaq plunge as bottom falls out of tech

SEEKING ALPHA reports:

– In a case of “sell your darlings,” the best-loved momentum, tech and megacaps pulled the broader market down to its biggest losses since June.

– The S&P closed down 3.5%, the Dow fell 2.8% and the Nasdaq lost 5%.

– Late buying kept the Nasdaq from having its worst day since the historic selloff of March 16, but it did have its worst one-day performance since June.

– The Fab 5 megacaps lost more than $500B in market cap on the day. Apple set a record with a drop of $180B in value.

– Apple had its worst day since March 16, off about 8%, dragging down Technology (NYSEARCA:XLK), down 5.7%. Chips took it on the chin as well.

– All 11 sectors closed lower.

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The latest economic data out Friday is here: “U.S. creates 1.4 million jobs in August, unemployment falls to 8.4%”

Reaction: “Dow attempts tepid snap back after jobs report, but Nasdaq extends rout“.