>> A big slump in tech stocks on Wednesday is spooking investors that the high flying sector's record-breaking rally this year may be over. Facebook shares fell 4%, Apple 2%, Google nearly 2.5%, Amazon nearly 3% and Netflix over 5%. Reuters markets correspondent Noel Randewich.>> Tech stocks have seen steep daily selloffs a few times this year.
Each of those times so far, the selloff has been short-lived and the indexes have continued to go on to new record highs. The question really is whether, in this case, we're looking now at the end of a rally that's seen tech stocks up close to 40% this year.
Or whether this is merely another break and in fact things, before long, will continue their rally. A lot of people see this as a case where there isn't a lot of negative news, where people are mostly just switching between top performing sectors and into slower performing sectors.>> Even with the big drops Wednesday, the top tech companies are still big winners so far this year.
Facebook, Google, Apple, and Amazon have all hit record-high stock prices in the past weeks. As for the overall market, the S&P 500 Index, a key measure of the world's leading stocks, was nearly unchanged thanks to a jump in bank and telecom stocks, which both underperformed this year. And Under Armour, the S&P 500's worst performer in 2017, even rallied over 5%.