On Wednesday, the S&P 500 and Nasdaq Composite fell as investors began to shift their portfolios from speculative, high-flying technology equities to names with higher interest rates.
The S&P 500 as a whole fell 1.3% in trading. With a 2.5% decline, the tech-heavy Nasdaq was headed for its worst session of the year.
The good earnings report from UnitedHealth, along with a Wall Street upgrade, resulted in a gain of nearly 4% in the Dow Jones Industrial Average, which gained 200 points, or 0.6%.
That expands on the blue-chip index’s best day in over a year on Tuesday, when it rallied by more than 700 points.
A persistent decline in megacap technology firms put pressure on the Nasdaq and S&P 500. That represents a change from the tech stocks’ incredible rise in this year’s artificial intelligence craze
Source (CNBC)
