Nasdaq, S&P 500 end lower as investors sell tech

THE Nasdaq and S&P 500 fell on Wednesday as investors sold tech stocks and moved into less highly valued sectors, as they also awaited remarks from US Federal Reserve officials at their Jackson Hole symposium this week.

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Tech stocks, which drove much of the recovery from Wall Street’s April selloff, have been pulling back. The S&P 500 technology index was down on the day, while sectors such as energy, healthcare and consumer staples rose.

“A broader lens tells you it’s more of a rotation than a true sell off,” said Allspring’s senior portfolio manager, Bryant van Cronkhite. “Tech valuations look extended in the context of inflated spending today. Number two, I would say that there are a lot of pockets of the market that look very attractive from a valuation standpoint and they've been broadly ignored.”

According to preliminary data, the S&P 500 lost 16.40 points, or 0.26%, to end at 6,394.97 points, while the Nasdaq Composite lost 144.76 points, or 0.68%, to 21,170.19. The Dow Jones Industrial Average rose 1.48 points, or 0.00%, to 44,923.75.