Tech Stocks Sputter as Traders Consider July Hike: Markets Wrap
- Tech stocks gauge drops for first time in last five sessions
- Canada’s surprise rate hike sparks bets on US increase
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A drop in tech shares drove US stocks lower, while Treasuries retreated after a surprise Bank of Canada rate increase fueled bets the Federal Reserve is not done with its own tightening.
The Nasdaq 100 fell 1.8%, with the likes of Alphabet Inc. and Microsoft Corp. off at least 3%. It was the first drop of the past five sessions for the technology-heavy gauge. Megacap tech companies had powered the S&P 500 to the brink of a bull market before Wednesday’s pullback. The small-cap Russell 2000 added 1.8%, climbing for a second day after weeks of underperformance.