Technology, Biotech, and Other High Beta Stocks Routed (QQQ) (IBB)

Technology stocks were hammered on Monday, with high fliers Tesla Motors, Inc. (Nasdaq: TSLA), Facebook (Nasdaq: FB), Netflix, Inc. (Nasdaq: NFLX), Splunk, Inc. (Nasdaq: SPLK), and other leaders coming under pressure. Losses on the Nasdaq Composite (Nasdaq: QQQ) neared 1.5% mid-day, amid a sea of red.

Traders also discussed declines in another high beta sector, biotech. iShares Nasdaq Biotechnology (Nasdaq: IBB) fell over 4%, extending Friday's losses.

Declines follow hawkish comments from the Fed last week.

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