The S&P 500 (^GSPC) fell more than 4% Thursday, and tech fell nearly twice as far. The Technology Select Sector SPDR Fund (XLK) dropped 8%, its worst day since March 16, 2020, the worst day of the pandemic crash. The AI trade took the brunt of Thursday's sell-off. Nvidia (NVDA) and Broadcom (AVGO) fell about 9% to 10%, and the PHLX Semiconductor Index (^SOX) lost 12%. The S&P 500 tech sector is about 17% below its Oct. 6 record after 22 sessions. About 4% more would mean a bear market, and doing it within two sessions would make it the fastest since 2020, by Yahoo Finance calculations. Only the dot-com and pandemic crashes moved quicker. XLK's only worse days came in March 2020 and the 2008 financial crisis.
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