Tech Stocks Underperforming Other Major Indices, Nasdaq Index Plunges 2.5%

Technology stocks were underperforming the broader indices during Wednesday's trading session, as evident by the larger declines in the Nasdaq index.

With less than 2 hours remaining in Wednesday's session, the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ: QQQ) was lower by 2.5 percent. At the same time, the SPDR S&P 500 ETF Trust (NYSE: SPY) was lower by 1.68 percent, while the SPDR Dow Jones Industrial Average ETF (NYSE: DIA) was lower by 1.41 percent.

Shares of Apple Inc. (NASDAQ: AAPL) were the most actively traded technology stock, followed by Amazon.com, Inc. (NASDAQ: AMZN) and Microsoft Corporation (NASDAQ: MSFT). The three stocks were lower by 1.13 percent, 5.11 percent, and 1.14 percent, respectively.

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Daniel Ives of FBR & Co. defended Apple's stock on Wednesday, while Ross Sandler of Deutsche Bank dialed back his bullish tone on Amazon, noting that the company could regress from margin expansion mode to investment mode this year.

However, Sandler did maintain a Buy rating and $800 price target on Amazon's stock.

Shares of Alphabet Inc (NASDAQ: GOOG) were lower by nearly 3 percent on no notable news, while shares of Facebook Inc (NASDAQ: FB) were also lower by more than 3 percent.

Meanwhile, shares of Netflix, Inc. (NASDAQ: NFLX) plunged lower by more than 8 percent, similarly on no notable news. Nevertheless, the stock is higher by around 130 percent over the past year.

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Multi-Fineline Electronix, Inc. (NASDAQ: MFLX) was the worst performing technology stock as the issue lost more than 18 percent. On the other hand, Boingo Wireless Inc (NASDAQ: WIFI) led all technology related stocks with a 4.79 percent gain.