The stock market dropped sharply on Wednesday, with the Dow Jones dropping by more than 800 points — making it the worst day since February of this year. The NASDAQ and the S&P 500 were also touched, with both markets closing more than three percent in the red.
According to a report from CNBC, technology stocks led the nosedive as the sector had its worst day since August of 2011. Amazon, Facebook, and Apple all fell by more than one
percent but Netflix took the largest punishment, dropping close to six percent.
“Those kinds of stocks had really, really bad days. And that’s actually rather overdue and sort of what you would see in a normal correction,” said Jamie Cox, Managing Partner for Harris Financial Group while speaking to Yahoo! Finance.
Cox also added that “this is a correction that needed to happen since those stocks had really gotten ahead of themselves.”