Tech Stock Drop Exceeds S&P's Overall Plunge

Technology stocks took a battering Thursday, falling more than 4.8%, about the same as the S&P 500,but other sectors like basic materials fell more.

The technology sector's fall was less than the 6.3% loss for basic materials and 6.4% for conglomerates. The S&P 500, a bellwether, slid more than 3.75% Thursday, which could signal a market correction.

Flagship stocks like IBM, Intel, Oracle and Google dropped more than 4%, with Hewlett-Packard and Dell both down more than 5%. Apple fell only 3.9%

Meanwhile, Sourcefire, the security software vendor which reported better-than-expected results Thursday, jumped 7.1%. The Columbia, Maryland company scheduled an investor call after the close.

Motorola Mobility, the mobile phone and consumer spinoff that resulted from last year's Motorola breakup, rose 3.6%.

The two tech shares were about the only gainers in Thursday's tumble.

Technology stocks may have fallen less than other sectors because they have generally reported higher earnings and forecast better results for the second half. Market researchers such as IHS and Gartner this week predicted major growth in sales of smartphones and mobile appliances, while technology products are increasingly finding their way into other sectors of the economy.