A popular way to bet on the fortunes of the technology sector on Monday was on track for its steepest one-day drop since mid-August. The Technology Select Sector SPDR ETF was 1.2% lower in late-morning trade, underlined by sharp drops in shares of chip manufacturers Advanced Micro Devices Inc. , Micron Technology , and Nvidia Corp. shares . The tech ETF was on pace for its worst daily drop since Aug. 17, when it tumbled nearly 2%, according to FactSet data. The broader market was also under pressure led by the slide in the tech sector. The S&P 500 index was down 0.4% at 2,492, while the Dow Jones Industrial Average was off 0.4%, pressured by a decline in Apple Inc.’s stock . Apple’s shares also weighed on the tech-heavy Nasdaq Composite Index , which was trading 1% lower at 6,362. Apple is the largest component in the tech ETF.
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