Tech Drop Exposes Doubts in U.S. Growth Optimism: Markets Wrap

Nasdaq 100 declines while S&P 500 climbs to record high
Energy sector lead gains as oil rebounds from three-week low

WATCH: JPMorgan says cyclical stocks could be in a position to outperform as the Fed’s tapering plan draws closer.Source: Bloomberg)

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By Kamaron Leach and Vildana Hajric

August 9, 2021 at 9:39 PM UTC

Updated on

August 10, 2021 at 8:01 PM UTC

This article is for subscribers only.

Slumping technology stocks stood in contrast to a broader gain in U.S. equities, exposing the lingering concerns about the ability of the economy to weather less stimulus and rising Covid outbreaks.

While the S&P 500 climbed to another all-time high, the tech-heavy Nasdaq 100 declined along with Amazon.com Inc. Micron Technology Inc. led a decline in chip stocks, which slid for a fourth session. Energy shares rallied with oil. In Europe, the Stoxx 600 Index climbed for a seventh day.