Getty Images
After the worst quarter for stocks in more than two years and another decline at the beginning of a new quarter Monday, nearly a fifth of the S&P 500’s tech sector has slipped into bear territory, led by Facebook Inc.’s decline of more than 20%.
About 70% of the sector, including Apple Inc. AAPL, -1.12% is in correction territory, with big names like Microsoft Corp. MSFT, -3.74% flirting with correction levels. Some big tech companies, like Google parent Alphabet Inc. GOOG, -3.25% GOOGL, -3.21% are already there and approaching bear levels.
Read more about bear markets and corrections
A bear market is defined as 20% or more off the stock’s 52-week high, while a correction is 10% or more off the 52-week high. Tech stocks have an increasingly large effect on stock indexes because of their weighting: The sector accounts for $6.473 trillion, or about 28%, of the S&P 500’s $23.438 trillion in market cap spread across 11 sectors, according to FactSet data.
On Monday, 13 out of the tech 69 stocks on the S&P 500 index SPX, -2.78% were 20% or more off their 52-week high, or at bear levels.
| Company/ticker | % off 52-week high | Market cap (in billions) |
| Facebook Inc. FB, -3.40% | 20.5% | $450.44 |
| Broadcom Ltd AVGO, -3.90% | 20.7% | $94.13 |
| Qualcomm Inc. QCOM, -3.41% | 23.2% | $79.27 |
| Micron Technology Inc. MU, -4.26% | 21.3% | $58.23 |
| Corning Inc. GLW, -3.77% | 23.1% | $23.03 |
| Symantec Corp. SYMC, -2.92% | 26.9% | $15.58 |
| Alliance Data Systems Corp. ADS, -2.37% | 25.3% | $11.56 |
| Take-Two Interactive Software Inc. TTWO, -2.39% | 27% | $10.85 |
| Cadence Design Systems Inc. CDNS, -2.81% | 22.2% | $10.17 |
| Advanced Micro Devices Inc. AMD, -5.17% | 39.1% | $9.23 |
| Qorvo Inc. QRVO, -2.94% | 21.2% | $8.70 |
| Juniper Networks Inc. JNPR, -1.25% | 22.4% | $8.29 |
| Xerox Corp. XRX, -2.90% | 25.6% | $7.16 |
Out of those 13 stocks, the hardest hit subsector are chips, with Broadcom, Qualcomm, Micron, AMD and Qorvo all in bear territory. The PHLX Semiconductor Index SOX, -4.10% is 13.5% off its 52-week high set in mid March, compared with the S&P 500’s decline of 10.8% from its 52-week high, which was set in late January.
Large-cap tech companies—those worth $100 billon or more—that are already in correction territory include Apple, Alphabet, Cisco Systems Inc. CSCO, -4.76% International Business Machines Corp. IBM, -2.57% , Nvidia Corp. NVDA, -5.51% Intel Corp. INTC, -6.55% and Oracle Corp. ORCL, -2.12%
Shares of Microsoft and Adobe Systems Inc. ADBE, -2.50% are flirting with entering correction territory, with both stocks more than 9% off their 52-week highs.