Tech swoon leads big drop on Wall Street >> Get Free Intraday Tips Call on 9644405056

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Wall Street fell sharply on Thursday with the S&P 500 and Dow industrials on track for their worst daily drops in six weeks as investors continued a recent move out of technology shares.

The technology sector, which has led the S&P 500's 8-percent gain for the year, dropped 2.1 percent and were the worst-performing major group. Declines in big tech stocks, including Apple and Microsoft, weighed the most on the benchmark S&P.

Financials and energy were the only sectors in positive territory as investors may have been rotating into groups that have lagged this year.

"US equities have remained extended, at or close to record territory for an extended period of time really without a tremendous amount of conviction in the market."

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