The Apple logo is displayed at the Nasdaq MarketSite just before the opening bell in New York on Thursday, Aug. 25, 2011.
Scott Eells | Bloomberg | Getty Images
September has been a tough month for traders overall, but a perfect storm left Big Tech stocks, a sector that normally leads the market, with losses.
“It’s been a ‘Nightmare on Elm Street’ month of September for tech investors,” Dan Ives, managing director at Wedbush Securities, told CNBC.
The Nasdaq, which gets about 40% of its value from just a handful of technology stocks, lost more than 5% in September. At the same time, the S&P 500 has dropped nearly 4%. The Dow Jones Industrial Average has lost more than 2% since Sept. 1.
Apple, which had managed to weather the Covid-19 pandemic and posted impressive results in its fiscal third quarter, closed down 10.25% from the closing price on Aug.