2017.06.2920:36:00UTC+00Wall Street Drops as Tech Stocks Plunge

U.S. equities tumbled on Thursday as the tech sector's latest decline offset strong gains from the big banks. The S&P 500 and the Dow industrials suffered their worst percentage losses in nearly six weeks.

The Dow Jones industrial average dropped 0.78 percent to end at 21,287.03, with Cisco Systems being the largest decliner while JPMorgan and Goldman Sachs were the only gainers. The S&P 500 fell 0.86 percent to close at 2,419.70, with information technology leading nine sectors down while energy and financials climbed. The Nasdaq Composite lost 1.44 percent to 6,144.35.

The technology sector fell 1.8 percent, and were the worst-performing major group. Losses in huge tech stocks pulled down the benchmark S&P. Shares of Amazon, Apple, Facebook and Google-parent Alphabet fell over one percent.

Chip stocks also declined with Nvidia slipping 3.3 percent and Advanced Micro Devices dropping 4.8 percent.

The decline in tech offset advances from the big banks, which followed the Federal Reserve not objecting to the capital repurchase programs from the banks they evaluated.

Financials and energy were the only sectors in the green as investors could have been rotating into groups that have lagged behind in 2017.