New York (CNN Business) The stock market plunged Wednesday. The Dow fell more than 600 points, a 2.4% drop. The S&P 500 sank more than 3% as well. Both the Dow and S&P 500 are now down for the year.
The tech-heavy Nasdaq plummeted more than 4% — its worst daily drop since August 2011.
It is now in a correction, down nearly 13% from its all-time high set earlier this year. Tech stocks sank following disappointing results from Texas Instruments and AT&T, CNN’s parent company.
Netflix already kicked off tech earnings season last week when it reported a healthy jump in subscribers. But the party was short-lived for it and fellow FANG stocks Facebook, Amazon and Google.
Netflix (NFLX) fell more than 9% Wednesday.
“You can’t just say tech is going to do great or even that FANG is going to do great. You have to be more selective,” said Daniel Morgan, senior portfolio manager with Synovus Trust Company.
Microsoft (MSFT) reported results after the closing bell Wednesday that beat Wall Street’s estimates, thanks largely to strength in its cloud business. Shares rose 3% in afterhours trading.