Apple shares fell 8%%. Amazon and Netflix were both down at least 5% along with Facebook. Microsoft slipped 6.7%. Alphabet pulled back by 5%. The S&P 500 tech sector traded 6.3% lower and was on track for its first losing session in 11 trading days.

The sector was also on pace to post its biggest one-day loss since March. Shares of beaten-down companies that would benefit from the economy reopening rose, bucking tech’s negative trend. Cruise operator Carnival advanced 6%. Macy’s popped 7,9%.

FAANG