S&P 500 Slides as Key Tech Stocks Get Hit, Nasdaq Drops More Than 1%
Stocks slipped Monday as key tech shares that have led the bull market continued to be dumped by investors.
The S&P 500 lost 0.5%, and the Nasdaq Composite dropped 1.3%. The Dow Jones Industrial Average was the relative outperformer, rising 174 points, or 0.4%, as investors rotated into non-tech shares like Caterpillar, JPMorgan and UnitedHealth. All three benchmarks are down for the last two weeks, with tech shares causing most of the damage.
Palantir and Nvidia, two of the bull market leaders popular with retail investors, shed more than 4% and 3%, respectively — building upon their losses from last week. Nvidia fell nearly 6% during the period, while Palantir lost 11%. Other popular tech shares including Tesla and Micron were also down.
Surging bond yields have been one of the catalysts for the sell-off in growth-oriented shares. The 10-year Treasury yield on Monday touched the highest level since November 2023. Yields surged on Friday following a stronger-than-expected jobs report that cast doubt on further rate cuts by the Federal Reserve.
Source : CNBC
