Wall Street dropped overnight as disappointing earnings reports fuelled concern that corporate America is struggling more than anticipated with the slowdown in European and Chinese economies.
Shares of Advanced Micro Devices, a maker of processors for personal computers, shed 11 per cent after posting an unexpected decline in sales.
Shares of Applied Materials, meanwhile, fell more than 2 per cent as the chip-making-equipment provider lowered its forecasts because of sagging demand oversees.
"Both China and Europe are quite weak," Applied Materials CEO Mike Splinter said today, Bloomberg News reported. "Both markets are worse than they were at this time last year."
Adding to the negative tech sentiment was a further drop in the US-listed shares of Research In Motion as the company's new chief executive met with shareholders for the first time, failing to reassure them that there is a light at the end of the tunnel.