Shares of Fastly (NYSE: FSLY) dropped by as much as 6% today, as some investors sold off tech investments following a huge run-up over the past few months. The S&P 500 fell as a result, dropping 1.6% in afternoon trading. As of 3:17 p.m. EDT on Thursday, Fastly's stock was down 1.5%.
Tech stocks have experienced a few dips since the beginning of September, and Fastly's drop today appears to be an extension of that. There was no company-specific news that caused the shares to slide. Rather, some tech investors have been selling shares and cashing in on the massive gains that tech stocks have experienced over the past few months.
Image source: Getty Images.
Source Fool.com