Markets felt a painful hangover on Monday from last week’s Brexit vote, as the second day of the global selloff hit technology stocks particularly hard.
The Dow Jones Industrial Average fell another 314 points by mid-afternoon, or nearly 2%, adding to its losses since Britain voted on Thursday to leave the European Union. The Dow Jones stock market index had plunged more than 3% on Friday immediately following the Brexit results, shedding 610 points in its worst one-day plunge since 2011.
But while bank stocks initially suffered the biggest losses, with Goldman Sachs down 7% on Friday, several tech companies are now sharing the brunt of the selloff. The Dow’s biggest losers on Monday included Microsoft (MSFT), which fell more than 3%, just as much as shares of JPMorgan (JPM). Intel (INTC) shares also dropped 3% while IBM (IBM) stock declined more than 2%. Apple (AAPL) stock and Cisco (CSCO) each fell nearly 2%.
The Nasdaq, which predominantly includes technology companies, fell further than other U.S. stock market indexes, declining more than 2% on Monday after plunging more than 4% on Friday. Shares of Netflix (NFLX) swooned nearly 4% on Monday, while Facebook (FB) stock dipped more than 3%. The selloff in tech stocks reflects investors’ anxiety that those companies—often considered riskier bets—may be particularly vulnerable to further shocks and market declines still to come.
In the S&P 500, which fell another 2% after shedding 3% on Friday, tech stocks were also hit hardest on Monday. Shares of data storage companies Western Digital (WDC) and Seagate Technology (STX) fell the most, down 11% and 10%, respectively.
On the flip side, dividend stocks with U.S.-centric businesses fared somewhat better. Among the 30 Dow Jones stocks, only two rose on Monday: Johnson & Johnson (JNJ) and Verizon (VZ), which were each up less than 1%. The S&P 500’s biggest winners included Public Storage (PSA) and supermarket chain Kroger (KR), each up nearly 4%, along with Dr Pepper Snapple Group (DPS), which gained more than 3%.