Tumult in tech stocks hurts for now, but may not lead to broader correction


A trader in a face mask works on the trading floor at the New York Stock Exchange (NYSE) as the Omicron coronavirus variant continues to spread in Manhattan, New York City, U.S., December 20, 2021.

Andrew Kelly | Reuters

The Nasdaq Composite and the tech sector of the S&P 500 slid sharply to begin the year, but strategists say that may not be the fate of other groups or the broader market.

The tech-heavy Nasdaq sold off hard early Monday, falling roughly 10% from its all-time high during the worst of the decline. Big cap tech, like Apple, Microsoft and Alphabet were all sharply lower but curtailed their losses and helped the Nasdaq stage a dramatic reversal into positive territory near the…


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