Wall Street Rally Pauses As Big Tech Loses Steam

today02/10/2021 3

Background
share close
AD

Wall Street Rally Pauses As Big Tech Loses Steam

Via Reuters:

The S&P 500 and the Nasdaq edged slightly lower on Wednesday as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs.

Stocks shrugged off remarks by Federal Reserve Chairman Jerome Powell, who reassured investors that interest rates will remain low for some time to spur the economy and jobs growth, but provided no new insights on monetary policy.

A change in market leadership is underway with the focus on big tech easing and sectors such as energy and financials gaining traction, said David Bahnsen, chief investment officer at The Bahnsen Group in Newport Beach, California.

“Is the whole market still reliant on big tech as it clearly was last summer? I think the answer is increasingly becoming ‘No,’ you’re seeing a broadening of market leadership,” Bahnsen said. “You have over 75% of the S&P 500 trading above its 200-day moving average. That’s remarkable breadth.”

The S&P 500 and Nasdaq both opened at record highs but soon drifted lower, while the Dow set a new peak during the session.

A wave of selling in high-riding Tesla Inc, down 5.3%, and declines of less than 1% in Amazon.com Inc, Microsoft Corp and Apple Inc, pulled the Nasdaq down and weighed the most on the S&P 500.

The consumer discretionary index fell 0.9%, while information technology slid 0.2%. On the upside, energy gained 1.8% and communication services rose 0.6%.

Powell is reiterating the Fed’s stance on staying with current rates until there is sustained inflation, said Jason Pride, chief investment officer for Private Wealth at Glenmede in Philadelphia.

“I don’t think anything coming out there is surprising,” Pride said.

The Russell 1000 value index, which is heavily weighted toward cyclical sectors, rose 0.2%, while its growth index, comprising large tech companies, fell 0.1%.

Shares of cannabis companies soared as the Reddit forum that pushed GameStop to record levels late last month extended a months-long rally on bets of decriminalization under the administration of President Joe Biden.

What Is The Crusade Channel?

The CRUSADE Channel, The Last LIVE! Radio Station Standing begins our LIVE programming with our all original CRUSADE Channel News hosted by Janet Huxley. Coupled with Mike “The King Dude” Church entertaining you during your morning drive and Rick Barrett giving you the news of the day and the narrative that will follow during your lunch break!

We’ve interviewed over 200 guests, seen Brother Andre Marie notch his 200th broadcast of Reconquest; the The Mike Church Show over 1200 episodes; launched an original LIVE! News Service; written and produced 4 Feature Length original dramas including The Last Confession of Sherlock Holmes and set sail on the coolest radio product ever, the 5 Minute Mysteries series! We are the ONLY outlet to cover the Impeachment of President Trump from gavel to gavel! 

Now that you have discovered The Crusade, get 30 days for FREE of our premium service just head to:

https://crusadechannel.com  OR download our FREE app: https://apps.appmachine.com/theveritasradionetworkappIti-       

Did you know about Wall Street Rally? If you are interested in supporting small business, be sure to check out the official store of the Crusade Channel, the Founders Tradin Post! Not to mention our amazing collection of DVD’s, Cigars, T-Shirts, bumper stickers and other unique selection of items selected by Mike Church!

AD

Written by: LoneRhody

Post comments (0)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

AD
AD
0%
0
Would love your thoughts, please comment.x
()
x