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Stock Market Today: Live Updates
Traders work on the floor of the New York Stock Exchange on June 14, 2024.
Brendan McDermid | Reuters
Stocks fell Thursday as investors continued to reduce their positions in leading technology stocks while taking profits on recent gains elsewhere.
THE Dow Jones Industrial Average fell 544 points, or 1.3%. S&P 500 fell by 0.6%. Technology is very present Nasdaq Composite Index lost 0.5%.
Sales of mega-cap technology stocks spiked Thursday, a trend seen in recent days as the growing likelihood of a September interest rate cut from the Federal Reserve has bolstered optimism in the broader market. On the other hand, that enthusiasm has largely benefited small-cap and more cyclical stocks, which are seen as the biggest beneficiaries of lower borrowing costs.
The shift away from technology came to a head on Wednesday, when the Nasdaq fell 2.8%, its worst day since December 2022. Wednesday also marked the first session since 2001 that the Nasdaq lost more than 2.5%, while the blue-chip Dow gained.
But Thursday’s slide appears broader than just the tech sector. All but one of the 11 sectors that make up the S&P 500 posted declines, while more than two out of three members of the Dow also posted losses. Even small caps Russell 2000which rose on expectations of upcoming interest rate cuts, fell nearly 2%.
“There is some profit-taking,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “I shudder a little bit if profit-taking occurs five days into a trade, but it just shows us the magnitude of what we’ve seen in terms of the rotation.”
Despite Thursday’s declines, the Russell 2000 has jumped 7% over the past five trading days. But the Nasdaq has slid more than 4% over the same period, underscoring the broader theme of traders’ disaffection with the technology sector.
With Thursday's moves, the Dow is the only one of the three major stock indexes to post gains so far this week, up more than 1%. Additionally, the Russell 2000 has jumped 2% for the week.
The S&P 500 has fallen about 1.2% since the start of the week, while the Nasdaq Composite has dropped nearly 3% as technology stocks plunge.
“Clearly the Fed’s rate easing is going to be good for small businesses,” said Charlie Ripley, senior investment strategist at Allianz. In the meantime, “there’s some caution and profit-taking in the tech sector that’s been so profitable this year.”
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