INVESTORS PULL $3.5-B FROM BIGGEST TECH ETF IN A SINGLE DAY

Investors pulled $3.5 billion out of the popular Invesco QQQ Trust Series 1 ETF (exchange traded fund) - which tracks the Nasdaq 100 index, according to Bloomberg data. That marked the biggest single-day outflow since October 2000, amid the dot-com bubble, Matthew Fox reported for Business Insider.

The mass exit reflects unease in the tech sector that's sent the Nasdaq 100 index tumbling into correction territory in recent weeks. The gauge currently sits roughly 13% below its September 2 peak. The Invesco QQQ ETF is the biggest technology ETF available to investors. The fund had more than $120 billion in assets as of Friday.

The three-week skid in technology stocks comes as investors grapple with uncertainty surrounding the upcoming November presidential election, additional fiscal stimulus measures in response to the COVID-19 pandemic, and the development and rollout of a successful COVID-19 vaccine candidate.

The Nasdaq 100 is currently on pace to lose more than 10% in September, which would be for its worst month since 2008. On Monday, despite continued selling in the Nasdaq 100, the index outperformed the Dow Jones industrial average and S&P 500, suggesting that investors may warm up to tech stocks again as economic uncertainty persists.

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