Tech Selloff Wrecks Record Day for U.S. Stocks: Markets Wrap
- S&P 500, Dow, Nasdaq all retrench after hitting intraday highs
- Sterling slumps as British election delivers hung parliament
Two Must-See Charts About Financial and Tech Stocks
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A selloff in technology shares spoiled an otherwise buoyant day in the U.S. stock market as companies from Apple Inc. to Nvidia Corp. tumbled. The British pound dropped as the U.K.’s ruling Conservative Party lost its parliamentary majority, plunging the country into uncertainty just days before Brexit negotiations were due to start.
Sterling fell the most in eight months as the election intended to strengthen Prime Minister Theresa May’s hand in negotiations with the European Union instead left her battling to survive. The currency’s retreat gave British stocks a boost, as the FTSE 100 Index gained around 1 percent. U.K. bonds rose.