New York - US stocks dropped on Wednesday as a slump in technology and biotechs sent the Nasdaq to its biggest decline in nearly a year while the S&P 500 fell through key support levels.
Semiconductors and biotech stocks weighed heavily on the Nasdaq, suffering their third straight session of declines after strong gains in the prior week.
An index of biotechnology shares was down 4.1% for the session, its biggest fall since December 23. The index finished below its 14-day average for the first time since February. 11 and its 50-day moving average for the first time since October 17.