Tech stocks are being punished Monday morning by the recent downgrade to the United State’s triple-A credit rating, with leaders like Apple, Google, Cisco and HP taking it on the chin. Debt concerns and overall fears for the global economy are dragging down stocks, particularly tech shares that have been otherwise performing well recently.
Here’s a look at some of the tech stocks and how they’re doing:
- Apple (s aapl), down about 3.54 percent
- Google (s goog) is off 3.56 percent.
- Hewlett-Packard (s hpq) lost 3.49 percent
- Cisco (s csco) was off 4.08 percent
- Qualcomm (s qcom) was down 3.68 percent.
- Microsoft (s msft) down 1.75 percent
- AT&T (s T) down 1.76 percent
- Verizon (s VZ) was down 3.02 percent
- Comcast (s CMCSA) was down 2.92 percent
- Yahoo (s YHOO) was down 0.68 percent
- Sprint (s S) is off 9.41 percent
- Clearwire (s clrw) off 10 percent
- Alcatel-Lucent (s alu) down 12.18 percent
In fact, tech stocks are doing worse than the overall market. The Nasdaq is down about 2.7 percent, while the S&P 500 is down about 2.6 percent. The Dow Jones Industrial Average is down 1.93 percent. This follows a tough week last week when the tech-heavy Nasdaq lost 9 percent.
The sell-off heightens fears about consumer spending as investors worry about sales of tech gear in a downturn. This comes despite some strong showings by companies such as Apple and Google, which recently reported strong earnings.
This may just be a temporary reaction to the bad news. But it highlights the volatility of tech stocks, which are more sensitive to swings in the market. And it raises concerns about future IPOs for tech companies looking for a big debut.