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As Investors Continue to Shift Away from Tech Equities, the Nasdaq Declines by about 3% as the Dow Industrials Rises

The shift from high-flying technology shares to more rate-sensitive names continued on Wednesday, as the S&P 500 and Nasdaq Composite saw declines.

The S&P 500 as a whole saw 1.4% declines in trading. The tech-heavy Nasdaq fell 2.8%. The gain of over 3% in UnitedHealth following a Wall Street upgrade on the strength of its earnings report propelled the Dow Jones Industrial Average up by 208 points, or 0.3%.

This is an extension of the blue-chip index’s best day in over a year on Wednesday, when it rallied by over 700 points.

After the group’s incredible run this year amid the artificial intelligence craze, megacap technology companies have continued to collapse, which is responsible for the S&P 500 and Nasdaq’s decline.

Communications services and information technology were the the two S&P 500 sectors with the lowest session performance. While Microsoft, Apple, and Netflix all had more than 1% declines, Meta fell over 5%.

Source (CNBC)

SourceCNBC
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