Technology stocks are headed for a rough session on Tuesday after shares of Netflix, one of the momentum leaders of this bull market, tanked after earnings. Amazon shares fell as well.
The Invesco QQQ Trust exchange-traded fund, which tracks the Nasdaq 100 index, dropped 0.7 percent in after hours trading.
Netflix plunged more than 13 percent after the bell Monday after reporting weaker-than-expected subscriber growth. The streaming giant said domestic subscribers grew by 670,000 in the previous quarter, while international additions rose by 4.5 million.
Shares of Facebook, Google-parent Alphabet and Twitter all dropped at least 1 percent, while Spotify Technology pulled back nearly 3 percent. Amazon shares also fell 1.5 percent amid glitches during the start of the company's annual Prime Day.
Tech is the best-performing sector in the market this year, rising nearly 15 percent. Also, just a handful of tech shares are responsible for more than 80 percent of the S&P 500's gains this year.
Source:Investing
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