As the shift away from speculative technology stocks persisted on Wednesday, the S&P 500 fell.
The Nasdaq Composite fell 1.9%, while the broad index saw a 1% decline. Owing to a gain of over 3% in UnitedHealth shares, which followed a Wall Street upgrade on the strength of its earnings report, the Dow Jones Industrial Average gained 99 points, or 0.3%.
The following companies had drops: Apple, Meta, Netflix, and Microsoft. It was the most recent indication of investors retreating from megacap technology following the company’s incredible run this year as the market became interested in artificial intelligence.
In the technology sector, semiconductor prices suffered particularly after a Bloomberg News story said that the Biden administration may impose stricter trade restrictions if businesses continue to provide China access.
Source (CNBC)
