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Technology stocks suffered a sharp decline this week, with the sector falling 7.7% to become the worst-performing group in the S&P 500.
The selling pressure, which initially targeted chip stocks, has expanded to include the software and cybersecurity sectors, according to Yahoo Finance Data and Markets Editor.
The Nasdaq composite dropped 2.37% on Friday, closing near its session lows, while the S&P 500 declined by over 1%. The market turmoil was accompanied by a significant rise in volatility.
The Cboe Volatility Index, or VIX, increased by approximately four points to reach 20.41. This level is notable because it approaches figures last seen in July, marking a distinct uptick from earlier in the year.
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