Global Tech Sector Selloff Continues – TheStreet




Apple Inc.’s (AAPL) European suppliers nursed heavy losses in early Monday trading as tech stocks continued to extend declines amid a global sector selloff sparked by Friday’s pullback on Wall Street.

Switzerland’s AMS AG (AMSSY) , a maker of optical sensors for Apple’s iPhones, slumped 5.6% in Zurich, the biggest fall since early April, to change hands at Sfr64.95. Italy’s STMicroelectronics NV (STM) , which provides the phone’s accelerometers, gyroscopes and motion sensors, fell more than 6% to change hands at €14.58 in Milan.

Shares in ASML NV (ASML) , Europe’s largest supplier to computer chip makers, fell just under 4% to €115.25 and Germany’s Dialog Semiconductor, which provides power management systems for Apple, was down 4.06% to change hands at €41.65.

The Stoxx Europe 600 Technology Index was marked 2.48% lower in the opening 45 minutes of trading and quoted at 426.83 points, trimming the year-to-date gain to 15.7%.

Apple shares fell 3.88% to $148.98, after a Goldman Sachs note said that low volatility in Facebook (FB) , Amazon (AMZN) , Microsoft (MSFT)  and Google’s parent Alphabet (GOOGL) may be blinding investors to risks including regulation and cyclicality.

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