Nasdaq logs worst day in 6 weeks, and Nasdaq-100 snaps 10-day win streak as tech stocks get wrecked


U.S. stocks ended firmly Wednesday and technology shares were hammered after setting a fresh round of intraday records at the open, as investors migrated out of big large-cap outperformers into more value-oriented segments of the market ahead of any new fiscal stimulus plan from Congress and a vaccine rollout that could restore economic normality next year. The Nasdaq Composite Index
COMP,
-1.94%

Wednesday fell 1.9% at 12,338, marking its sharpest one-day fall since Oct.30, according to FactSet data. The S&P 500 index
SPX,
-0.79%

ended off 0.8% at around 3,673, while the Dow Jones Industrial Average
DJIA,
-0.35%

closed 0.4% lower at 30,067. Wall Street is watching negotiations centered on a number of possible relief packages as the Trump administration proposed a $916 billion deal on Tuesday after Democrats rejected an effort by Senate Majority Leader Mitch McConnell to narrow the scope of the bill. The day’s action comes after the S&P 500 and the Nasdaq finished at record closing highs on Tuesday. The day also saw the Nasdaq-100 index
NDX,
-2.15%
,
representing the largest of the Nasdaq, finish 2.2% lower, snapping its longest win streak since the period ended Dec. 26, 2019.



Source link