Tech stocks weigh for second straight session

|By:, SA News Editor

Stocks fell, with the Nasdaq posting its biggest two-day slide since December on rising concerns over elevated valuations among some of the big name tech stocks.

The tech sector (-0.8%) held a solid loss throughout the session as the likes of Apple, Microsoft, Alphabet and Facebook sustained sizeable declines, with Apple tumbling 2.5% after Mizuho downgraded shares, but techs in the S&P 500 are still up 18% YTD, making the group the index’s top performing sector.

The energy sector (+0.7%) was a top performer, helped by U.S. crude oil's 0.5% gain to $46.06/bbl, but finished near its session low, while financial stocks (+0.2%) pulled back after a strong open.

GE jumped 3.6%, lifting the industrial sector (+0.5%), on news that Chairman and CEO Jeff Immelt will be retiring from the company, to be replaced by John Flannery, the current president and CEO of GE Healthcare.

Despite the losses in stocks, safe-haven assets such as U.S. Treasurys and gold ticked lower; the benchmark 10-year yield added a basis point to 2.21%.

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