Tech sell-off ends Nasdaq streak of records
Traders work on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)
NEW YORK: Nasdaq's three-session streak of records fizzled on Thursday (Jun 7) with a sell-off in big technology names, while a surge in petroleum-linked shares and McDonald's lifted the Dow.The tech-rich Nasdaq Composite Index finished down 54.17 points (0.70 per cent) at 7,635.07.
The Dow Jones Industrial Average climbed 95.02 points (0.38 per cent) to 25,241.41, while the broad-based S&P 500 dipped 1.98 points (0.07 per cent) to 2,770.37.Big tech companies including Google parent Alphabet, Microsoft and Netflix all lost more than one percent.By contrast, Dow member Chevron won 2.8 per cent, while oil producer Apache jumped 5.5 per cent and oil services titan Halliburton climbed 1.3 per cent.The tech sector has outperformed the broader market over the last month or so and was primed for a pullback, analysts said, with some experts seeing evidence in Thursday's session of an investor rotation to other sectors.
US stocks are in positive territory for the week thus far with investors looking past worries about trade conflict and embracing solid economic data.A Group of Seven summit this week in Canada is expected to spotlight tensions between President Donald Trump and the leaders of other leading economies, who warn that the US president's actions on trade could stymie global growth.McDonald's was the biggest gainer in the Dow, surging 4.4 per cent after confirming a plan to cut an unspecified number of US jobs, helping the company towards a goal of saving US$500 million.
Source : http://www.channelnewsasia.com/news/business/tech-sell-off-ends-nasdaq-streak-of-records-10405504