Nasdaq-100 Tumbles Below Key Support Level Amid Tech Rout

Shares of Apple, Microsoft and Amazon Drag Index Lower

The Nasdaq-100 Index fell below a key support level on Monday, dragged down by declines in shares of Apple, Microsoft and Amazon.

The index closed at 11,927.02, down 1.7% on the day. The decline comes after the index fell 3.2% last week.

The Nasdaq-100 is made up of the 100 largest non-financial companies listed on the Nasdaq stock exchange. The index is heavily weighted towards technology companies, which have been under pressure in recent weeks due to concerns about rising interest rates and the global economic outlook.

Apple, Microsoft and Amazon are the three largest companies in the Nasdaq-100 by market capitalization. Apple shares fell 2.4% on Monday, Microsoft shares fell 1.9% and Amazon shares fell 1.6%.

The decline in the Nasdaq-100 comes as the tech sector faces a number of challenges. Interest rates are rising, which makes it more expensive for tech companies to borrow money to fund growth. The global economic outlook is also uncertain, which is making investors hesitant to invest in risky assets like tech stocks.

The Nasdaq-100 is now below its 200-day moving average, which is a key technical indicator. A break below the 200-day moving average can be a sign that a downtrend is underway.

If the Nasdaq-100 continues to decline, it could drag down the broader stock market. The tech sector is a major driver of economic growth, and a slowdown in the tech sector could have a ripple effect on the rest of the economy.