Tech’s Losing Streak Extends Ahead of Jobs Test: Markets Wrap
- Nasdaq 100 down for fifth day, longest losing run in a year
- Crude prices reversed after EIA weekly inventory report
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Treasury yields rose and stocks dipped as traders looked to Friday’s jobs report for clues on how soon and deeply the Federal Reserve can start cutting interest rates.
The Nasdaq 100 slipped 0.5%, logging a five-day losing streak — the longest such run since December 2022 — as investors booked profits on last year’s winning tech stocks. Apple Inc. tumbled after its second downgrade this week as Piper Sandler flagged concern about iPhone inventory levels. The S&P 500 ended the session 0.3% lower after a choppy session.