Technology wasn't much of a port in Monday's global stock storm. Tech stocks plunged 6.1 percent, compared with the S&P 500's 6.6 percent.
Other U.S stock indexes fell, including the Nasdaq, home to many technology stocks, which lost about 7 percent. The Nasdaq 100 Technology Index fell 6.25 percent.
Some tech stocks took a particularly hard beating, including Oracle, down more than 6 percent after Bloomberg reported German rival SAP had achieved several market wins against it. Intel rival AMD lost nearly 9.5 percent.
Other tech stalwarts including IBM and Hewlett-Packard both dipped, by 3.5 percent and 5.6 percent, respectively, while Intel only eased 3.2 percent. Apple plummeted 5.5 percent as its Canadian rival Research in Motion lost 6.5 percent.
BroadSoft, a Gaithersburg, Md. developer of software for wireless and Internet services, jumped 3.6 percent after reporting better-than-expected second quarter results. But Sourcefire, the cyber security software company that defied gravity in last week's plunge after similarly good results, fell 5.5 percent Monday.
Stocks in other sectors, including basic materials, capital goods and conglomerates. all fared worse Monday, the first after S&P's downgrade of the U.S. triggered global market downswings.
The tech sector may seem less exposed because of steady demand for its products, from semiconductors to network software in new products for business as well as the consumer. In the latest U.S. recession many companies that slashed payrolls to ensure future profit invested in technology products to boost productivity, marketing and consumer reach.
If the market volatility continues, several tech IPOs that have been filed with the Securities and Exchange Commission could be pulled. They include Cloudary's $200 million IPO, MA/COM Technology Solutions' $230 million IPO and Vocera Communications' $80 million deal.
Rather than going public, those companies could stay private or be snapped up by bigger buyers in the tech sector. The biggest players, such as Apple, IBM, Cisco and Oracle, all maintain massive amounts of cash.