Tech Stocks Under-performing Other Major Indices, Nasdaq Index Plunges 2.50%

Technology stocks were under performing the broader indices during Wednesday's trading session, as evident by the larger declines in the Nasdaq index. With less than 2 hours remaining during Wednesday's trading session, the PowerShares QQQ Trust, Series 1 (ETF) QQQ was lower by 2.50 percent. At the same time, the SPDR S&P 500 ETF Trust SPY was lower by 1.68 percent while the SPDR Dow Jones Industrial Average ETF DIA was lower by 1.41 percent. Shares of Apple Inc. AAPL were the most actively traded technology stock, followed by Amazon.com, Inc. AMZN and Microsoft Corporation MSFT. In fact, the 3 stocks were lower by 1.13 percent, 5.11 percent, and 1.14 percent, respectively. Daniel Ives of FBR & Co. defended Apple's stock on Wednesday while Ross Sandler of Deutsche Bank dialed back his bullish tone on Amazon, noting that the company could regress from margin expansion mode to investment mode this year. However, Sandler did maintain a Buy rating and $800 price target on Amazon's stock. Shares of Alphabet Inc GOOG were lower by nearly 3 percent on no notable news, while shares of Facebook Inc FB were also lower by more than 3 percent on no notable news. Meanwhile, shares of Netflix, Inc. NFLX plunged lower by more than 8 percent, similarly on no notable news. Nevertheless, the stock is higher by around 130 percent over the past year. According to Google Finance, Multi-Fineline Electronix, Inc. MFLX was the worst performing technology stock as the issue lost more than 18 percent. On the other hand, Boingo Wireless Inc WIFI led all technology related stocks with a 4.79 percent gain.