Wall Street tumbles on tech sector

Wall Street shares plunged on Monday as investors fled technology stocks amid resurgent trade war worries, with key indexes trading below their 200-day moving averages and the S&P 500 closing below that pivotal technical level for the first time since Britain’s vote to leave the European Union in June 2016.

The first trading day of the second quarter began with a broad selloff concentrated in the technology and consumer discretionary sectors, as losses by Amazon.com, Tesla and Microsoft, among others, took center stage from retaliatory trade measures China unveiled on Sunday. With the S&P 500 in a 10 per cent correction from its record high in late January, investors were increasingly concerned a nine-year bull market might be in danger of ending.

“It’s more complicated than just a tech selloff. What’s hurting everything is that the S&P went through its 200-day moving average,” said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.