Global Courant
The Nasdaq Composite fell 1% Monday as investors sold shares of technology stocks that have outperformed in 2023.
The Nasdaq composite fell by 1%, while the S&P 500 lost 0.3%, while the Dow Jones Industrial Average traded flat.
A downturn in technology giants Nvidia, Alphabet And Meta platforms contributed greatly to the Nasdaq’s sharp afternoon drop. Tesla lost about 5% as Goldman Sachs downgraded the electric car maker, citing pricing headwinds.
Technology stocks have bounced back this year from a rough 2022 as investors gambled on the promise of artificial intelligence and a potential end to the Federal Reserve’s hiking campaign. Rolling back to popular names has sent the tech-heavy index up 27.6%, putting it on track for its best first half since 1991.
The market rally stopped last week and all major averages broke multi-week winning streaks. The Nasdaq composite fell 1.44%, breaking an eight-week positive run, while the S&P 500 fell 1.01%, ending a five-week winning streak. The Dowwhich underperformed in 2023 lost 1.67%.
Segments of the market are still on track for a great first half of the year. The tech-heavy Nasdaq Composite is up nearly 29% and the S&Ps are up more than 13%. The Dows trailed by less than 2%.
The last week of June is a light week for economic reports and corporate earnings, which are highlighted by Walgreens Boots Alliance on Tuesday and Nike on Thursday.
Traders are also eyeing Europe after Russia witnessed a brief uprising by a private military group last weekend. Uncertainty about the situation there could keep markets tense.
