Investors sold off tech stocks and picked up badly beaten sectors like energy and industrials. Fred Katayama reports.
Investors selling off tech stocks for a second straight session Monday. Highflyers like Apple, Amazon and Microsoft dragging the Nasdaq down for its biggest two-day loss since September (CK). Investors were picking up unloved stocks instead like industrials and energy. Kevin Mahn of Hennion and Walsh. SOUNDBITE: KEVIN MAhN, CHIEF INVESTMENT OFFICER, HENNION AND WALSH, (ENGLISH) SAYING: "XXX." Apple led the way south. Mizuho Securities downgraded the iPhone maker's shares to "neutral" from "buy" and cut its price target. General Electric shares rallied after the industrial conglomerate said Jeff Immelt would be replaced in August as CEO by its healthcare head, John Flannery. Immelt had sold off a lot of businesses but failed to deliver the profit growth some investors had expected. Oil stocks like Chesapeake Energy and Marathon Oil shot higher after oil prices rose. A source says Uber CEO Travis Kalanick is likely to take a leave of absence from the ride-hailing company. No final decision has been made. Tech shares in Europe suffered their biggest selloff since last year's Brexit referendum, pulling the major indexes down.