NEW YORK: Nasdaq’s three-session streak of records fizzled Thursday 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 0.7 percent at 7,635.07.
The Dow Jones Industrial Average climbed 0.4 percent to 25,241.41, while the broad-based S&P 500 dipped 0.1 percent 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 percent, while oil producer Apache jumped 5.5 percent and oil services titan Halliburton climbed 1.3 percent.
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 percent after confirming a plan to cut an unspecified number of US jobs, helping the company towards a goal of saving $500 million.
Source: Brecorder
