Testing times for tech stocks as cyclicals race ahead Share A savage appraisal of Appen's outlook following a nightmare on Wall Street for tech's megacaps dealt the local technology sector another blow on Thursday as investor interest drifted to cyclical and value stocks. The technology sector was easily the worst performer on the Australian sharemarket after the Nasdaq 100 sank 2.2 per cent, recording its biggest drop in more than a month. David Allingham of Eley Griffiths. Ben Rushton The S&P/All Technology Index fell 59.2 points, or 2.1 per cent, and the S&P/ASX 200 Index dropped 45.4 points, or 0.7 per cent, to 6683.1.