Technology shares sink broader market although Dow has gain | National News
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Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 4, 2021. Asian shares were mixed Tuesday after strong corporate earnings and economic data lifted stocks on Wall Street.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 4, 2021. Asian shares were mixed Tuesday after strong corporate earnings and economic data lifted stocks on Wall Street.
A currency trader passes by screens showing foreign exchange rates at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 4, 2021. Asian shares were mixed Tuesday after strong corporate earnings and economic data lifted stocks on Wall Street.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 4, 2021. Asian shares were mixed Tuesday after strong corporate earnings and economic data lifted stocks on Wall Street.
FILE – In this Jan. 27, 2021 file photo, pedestrians pass the New York Stock Exchange in New York. Stocks were solidly lower in early trading Tuesday, May 4, dragged down by banks and big technology companies like Apple and Google.
Technology companies dragged indexes lower on Wall Street Tuesday, pulling the market further from its recent all-time highs.
The S&P 500 fell 0.7%, erasing its gains from last week. Big technology companies like Apple and Microsoft fell as the sector declined for the sixth straight day. Losses in communications stocks and companies that rely on consumer spending also weighed on the market, offsetting gains by financial, industrial and materials stocks. Treasury yields fell slightly.
Investors continue to focus on corporate earnings and on gauging the economic recovery’s progress. Earnings and most economic indicators have been signaling a steady improvement, but investors remain concerned about the lingering threat from COVID-19, inflation and other factors that could crimp progress.
A key concern has been the recovery in the employment market. Investors will get another update with this week’s jobs report.
“The entire market is down, but the tech stuff is down way more,” said Ross Mayfield, investment strategist at Baird. “If you look at the broad picture, the earnings beats are strong and we’re expecting a big” jobs number on Friday, he said.
The S&P 500 fell 28 points to 4,164.66. The benchmark index hit an all-time high last Thursday. The technology-heavy Nasdaq Composite dropped 261.61 points, or 1.9%, to 13,663.50. The Russell 2000 index of small-company stocks lost 29.17 points, or 1.3%, to 2,248.29. The Dow Jones Industrial Average fared better than the other indexes. It recovered from an early stumble, adding 19.80 points, or 0.1%, to 34,133.03.
