Nasdaq extends decline, falls 1% on technology slump

The Nasdaq Composite Index fell on Tuesday, dropping to its lows of the session with the technology sector leading the decline. The index COMP, -2.93% fell 1% in afternoon trading, having previously opened in positive territory. The tech sector XLK, -3.21% fell 1.3%, by far the biggest decliner among the 11 primary S&P 500 sectors. Tech stocks were largely pressured by weakness in chipmakers SOXX, -3.68% which fell 1.3%. Facebook Inc. FB, -4.90% was also a drag on the group; the social-media giant fell 3.3% in the latest bout of weakness driven by a scandal over how it has handled user data. The stock is in a bear market, having dropped more than 20% from an all-time high. The Dow Jones Industrial Average DJIA, -1.43% rose 0.1% while the S&P 500 SPX, -1.73% was down 0.3%.