Stocks Slide Before High-Stakes Megacap Earnings: Markets Wrap
- Tech results coming at a critical moment for Wall Street
- The S&P 500 suffers its biggest weekly decline since April
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Stocks fell at the end of a wild week, with results from technology giants set to arrive at a critical moment on Wall Street.
Most groups in the S&P 500 dropped Friday, with the gauge having its worst week since April. That’s after a “rotation” that saw investors trimming positions on this year’s winners in favor of laggards. Underpinning that trade were bets the 2024 rally would broaden out of megacaps as the Federal Reserve cuts rates. The swift repositioning spurred calls for a pullback that engulfed various sectors alongside tech ahead of the industry’s earnings.