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Once bulletproof, tech stocks now among market's biggest losers

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A surge in coronavirus cases outside of China has made some investors more willing to part with riskier assets in favour of traditional havens like gold and US Treasuries, which have soared in recent days.

- Technology shares -- a key engine of the stock market's climb to records over the last several months -- are now among those leading Wall Street's plunge on growing concerns over the coronavirus outbreak.

Now a surge in coronavirus cases outside of China has made some investors more willing to part with riskier assets in favor of traditional havens like gold and U.S. Treasuries, which have soared in recent days. As of Friday, the S&P 500 information technology sector accounted for nearly 55% of the overall S&P 500's total return in 2020, even though the sector was only 24.3% of the benchmark index's market value, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

 

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