A selloff in tech stocks regained momentum, pulling the Nasdaq lower for the day and wiping out the index's monthly gain. The tech-heavy index has not seen a monthly loss since October. Tech stocks were the worst performers as the industry endured another downswing in a series of selloffs that has plagued the sector in recent weeks. The Technology Select Sector SPDR ETF (XLK) is on track for its worst monthly performance since April 2016. Fred's (FRED) tumbled after losing a deal to acquire as many as 1,200 Rite Aid (RAD) stores. That deal was scrapped after Walgreens (WBA) and Rite Aid ended its merger agreement. Fred's was to acquire Rite Aid locations so the merger could pass regulatory muster. Pier 1 Imports (PIR) slumped after a disappointing quarter. Same-store sales declined by 0.2%, while overall revenue fell short of consensus. E-commerce sales made up a larger chunk of net sales over its fiscal first quarter.