Wall Street Drops As High-Flying Tech Stocks Retreat

(Reuters) – The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.

Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&P 500.

The S&P 500 financial and industrial sector indexes reached intra-day record highs. Most other S&P 500 sectors declined.

“Today is the perfect encapsulation of the big theme we’ve been seeing in the past couple of months: The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks,” said Baird investment strategist Ross Mayfield, in Louisville, Kentucky. Read more…..