Wall Street was selling technology stocks after analysts at TD Cowen said Microsoft cancelled leases with “at least two data private center operators.”
The Nasdaq Composite dropped 1% in Monday morning trading, while the S&P 500 was down 0.4%. The Dow, which is less exposed to the tech sector than the other major indexes, was up 31 points, or 0.1%.
The S&P 500’s tech sector was down 1.2%, followed by consumer discretionary with a decline of 0.9%. The communication services sector was down 0.5%. All three contain members of the Magnificent Seven group of megacap technology stocks. The Roundhill Magnificent Seven ETF, which offers exposure to the group, was down 1.2%.