By Benjamin Pimentel
The tech sector tumbled Thursday, caught in a broad market sell-off as investors reacted to gloomy news about the U.S. employment picture.
The Nasdaq Composite Index (RIXF) lost 2.7% to close at 1,797.
The Dow Jones Industrial Average (DJI) slumped by 223 points. Investors were in a mood to sell after it was reported that the U.S. unemployment rate rose to 9.5% in June, up from May's 9.4%, and that the number of nonfarm payroll jobs shed last month was significantly higher than forecast.
The Morgan Stanley High Tech 35 Index (MSH) moved down 2.4%, while the Philadelphia Semiconductor Index (SOX) sank 1.2%.
Major tech bellwethers led the retreat, including shares of Microsoft Corp. (MSFT), Amazon.com (AMZN) and Apple Inc. (AAPL).
Shares of TiVo Inc. (TIVO) fell 15.6%, undermined by a federal appeals court's decision granting EchoStar a stay of a contempt order imposed a U.S. district court in patent litigation.
A few tech players managed to stay afloat, including shares of FormFactor (FORM) and Broadcom Corp. (BRCM).