As the market rotated in anticipation of a loosening of monetary policy, the technology sector continued to struggle, and the Nasdaq Composite slipped down on Thursday.
The S&P 500 saw an increase of 0.1%, while the technology-heavy index saw a 0.1% decline. The Dow Jones Industrial Average wavered in a flat manner.
These actions are a continuation of the current, more general trend away from technology.
As market optimism increased with the possibility of a Federal Reserve interest rate cut in September, Wall Street dumped shares of artificial intelligence stocks.
That has, however, primarily benefited small-cap and more cyclical stocks, which are thought to benefit more from lower borrowing costs.
Source (CNBC)
