On Thursday, stocks declined as investors kept cutting down on their holdings in rapidly rising technology companies while profiting from recent gains in other markets.
A drop of 544 points, or 1.3%, was seen in the Dow Jones Industrial Average. The S&P 500 experienced a 0.6% decline. The heavily tech-heavy Nasdaq Composite had a 0.5% decline.
Megacap tech plays continued to be dumped on Thursday, continuing a trend that has been observed in previous days as market optimism has been bolstered by the increased possibility of a Federal Reserve interest rate cut in September.
Conversely, small caps and more cyclical stocks have benefited greatly from this optimism, as they are perceived as larger benefactors of decreased borrowing costs.
Source (CNBC)
