S&P 500 top movers: Technology shares suffer heavy losses amid flight to safety
- Wall Street's main indexes are posting large losses on Thursday.
- Risk-sensitive technology shares are falling sharply with CTXS leading the slump.
After starting the day with small losses, major equity indexes came under strong bearish pressure on Thursday amid an intense flight to safety. Reflecting the risk-off environment, the CBOE Volatility Index (VIX), Wall Street's fear gauge, is up nearly 10% on the day. Moreover, the 10-year US Treasury bond yield is down 3.5% at 0.58%.
S&P 500 top movers
The risk-sensitive technology sector seems to be the worst-performing major S&P 500 sector with the Technology Index losing 2.5% on a daily basis.
Although Citrix Systems Inc (CTXS) reported that the second-quarter revenue rose by 6.7% on a yearly basis to $798.93 million, the company's shares are down 11% as the top-decliner of the day at $148.72.
Among the other noteworthy tech shares, Align Technology Inc (ALGN), Apple Inc (AAPL), Advanced Micro Devices Inc (AMD) and Microsoft Corp (MSFT) shares are down between 5.7% and 4.1%.
On the other hand, Whirlpool Corp (WHR) shares are up 7.95% on the day at $158.50 after the company reported resilient second-quarter results despite the negative impact of the coronavirus crisis. Meanwhile, Globe Life Inc (GE) is the second-best performer with a daily gain of 6.3% after Credit Suisse and Piper Sandler hiked their target prices.