Microsoft stock dives to lead the Dows decliners, as it closes in on bear-market territory – MarketWatch

Shares of Microsoft Corp.
MSFT,
+0.11%
dove 5.8% in midday trading Monday, to put them on track for a six-month low, and enough to pace the 29-of-30 Dow Jones Industrial Average
DJIA,
+0.29%
components that are losing ground. The stock’s $17.27 price decline, which is the stock’s second-biggest-ever price decline behind the $23.41 record selloff on March 16, 2020, was slashing about 114 points off the Dow’s price, while the Dow dropped 1,002 points, or 2.9%. Microsoft’s stock is now trading 18.8% below its Nov. 19 record close of $343.11. Many on Wall Street define a bear market as a decline of 20% or more from a bull-market high. By that definition, a close below $274.49 would put the stock in a bear market. Microsoft’s selloff comes just before the software giant is scheduled to report fiscal second-quarter results after Tuesday’s closing bell. Microsoft hasn’t missed quarterly earnings expectations in years.