US Stocks End Mixed As Tech Shares Are Sold Off

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2023-06-08 HKT 05:24

Share this story


  • Analysts said the sell-off was evidence of a rotation away from the tech-dominated winners. Photo: Shutterstock

    Analysts said the sell-off was evidence of a rotation away from the tech-dominated winners. Photo: Shutterstock

Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq decisively lower.

Analysts said the countervailing movements were evidence of a rotation away from the tech-dominated winners from the earliest part of 2023, and towards manufacturing companies like Caterpillar and Honeywell.

"Money is flowing from one sector to another sector," said Adam Sarhan of 50 Park Investments. This dynamic "keeps the bull market alive and well," he added.

The Dow Jones Industrial Average finished up 0.3 percent at 33,665.02.

The broad-based S&P 500 declined 0.4 percent to 4,267.52, while the tech-rich Nasdaq Composite Index dropped 1.3 percent to 13,104.90.

After a stretch in which markets were dominated by worries of a potential debt default followed by relief at a fiscal agreement, this week's news flow has been much slower.

"Stocks continue treading water near recent nine-month highs ahead of next week's Federal Reserve meeting," said a note from Charles Schwab. "It's a quiet period with little economic data or earnings to propel things in any given direction."

Among individual companies, shares of Warner Bros. Discovery gained 8.4 percent as it announced that embattled CNN news chief Chris Licht had stepped down.

Amazon fell 4.3 percent following a Bernstein report criticising the tech giant. Bernstein analyst Mark Shmulik told CNBC the company should "refocus" capital on the best potential projects for its scale.

Campbell Soup shares dropped 8.9 percent as it reported slightly better profits than expected.

However, analysts at said the results were less impressive than in other recent quarters, when sales were boosted by the trend of people eating more at home. (AFP)


US Stocks Rise On Hopes Of Pause In Rate Increases

Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more

China's Financial Risks 'controllable': Regulators

The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more

Banks Cut Yuan Deposit Rates, Could Boost Consumption

China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more

Cheese And Wine Put EU, Australia Deal In Peril

Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more

Amazon 'plans Prime Video Streaming Service With Ads' is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more

China's Exports Tumble In May, Imports Slow

The nation's exports fell a much faster than expected 7.5 percent in May year-on-year, while imports contracted at a slo... Read more