Shares of technology companies fell sharply as the expiration of equity options sparked tremendous volatility.
"The valuations were rich and priced for perfection and, even though companies like Nvidia delivered in their earnings call in terms of topline revenue growth and bottom line and guidance, at some point, you do see a pullback," said Quincy Krosby, chief global strategist at brokerage LPL Financial.
Shares of hot artificial-intelligence stocks including Nvidia, Microsoft, and others, fell sharply.
Shares of British chip designer Arm Holdings slipped, but hung onto the vast majority of their robust post-IPO gains. In the wake of Arm's success, the first high-profile hit tech IPO in some years -- grocery-delivery company Instacart -- raised the price range for its initial public offering.
Asure Software shares slid after the Internal Revenue Service said it wouldn't process certain pandemic-era tax claims until at least 2024.
Adobe shares fell after the software maker forecast revenue growth short of some investors' expectations.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-15-23 1741ET
