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The S&P 500 and NASDAQ Composite retreated on Wednesday as the rotation out of high-flying technology shares continued.
The Dow Jones Industrials climbed 191.82 points to 41,146.30, lifted by a gain of more than 3% in UnitedHealth following a Wall Street upgrade on the back of its strong earnings report.
The much-broader index fell 68.14 points, or 1.2%, to 5,599.06.
The NASDAQ was bruised 468.11 points, or 2.5%, to 18,046.23.
Meta tumbled around 4%, while Apple, Netflix and Microsoft all dropped more than 1%. That offered the latest sign of investors pulling back on megacap technology after the group’s monster run this year as artificial intelligence captured the market’s interest.
Semiconductor stocks struggled in particular within the tech sector following a Bloomberg News report that the Biden administration is considering tougher trade restrictions if companies continue granting China access to U.S.-made technology.
Nvidia plummeted 5.5%, and U.S.-listed shares of Taiwan Semiconductor lost around 2%.
Prices for the 10-year Treasury listed lower, raising yields to 4.17% from Tuesday’s 4.16%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.89 at $82.65 U.S. a barrel.
Gold prices declined 40 cents to $2,467.40
