After leading the stock market's rally to new heights this year, shares of technology companies plunged on Monday, with the 10 most valuabe U.S. tech companies losing $82.7 billion of value.
Facebook continued a steep slide that started after its earnings report last week, dropping 2.2 percent on Monday, and slashing $11.1 billion from its market capitalization. Netflix had the biggest percentage drop among the top 10, falling 5.7 percent and losing $8.8 billion in value
Investors are showing skittishness towards the stocks that have most outperformed the market lately. Tech stocks have been such standouts that the five most valuable U.S. companies all come from that sector and are located between Silicon Valley and Seattle.
Three-quarters of the companies in the Nasdaq 100 Index fell. The Standard & Poor's 500 technology group, which has gained more than twice as much in the past year as the broader S&P 500, dropped 1.8 percent on Monday.