Tech Stocks Hit More Turbulence Than the Rest of the Market
- Rotation into banks sends the Nasdaq 100 below 50-day average
- Daily swings in the tech megacaps widest vs. S&P since 2014
Oppenheimer's Wald Sees Signs the Bullish Cycle Is Intact
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Technology stocks’ alienation from the rest of the market worsened Thursday as another violent industry rotation left the Nasdaq 100 with a loss that was twice as big as the S&P 500’s.
With banks clinging to gains after unleashing a torrent of buybacks following Federal Reserve stress tests, money was draining from computer and internet companies, pushing shares from Tesla Inc. to Micron Technology Inc. and Nvidia Corp. down 3 percent or more.