S&P 500 Drops 1% as Tech Capex Spurs Jitters, Fed Stays Cautious
Traders work on the floor of the New York Stock Exchange (NYSE) in New York.
Photographer: Michael Nagle/BloombergUS equities sank Thursday as a mixed reaction to megacap technology companies’ spending plans and pushback from Federal Reserve policymakers on further interest-rate cuts offset optimism around a trade truce between the US and China.
The S&P 500 Index dropped 1% in New York, while the Nasdaq 100 Index slid 1.5%. The decline was caused mainly by tech stocks that have the heaviest sway in indexes, with an equal-weighted version of the S&P 500 falling only 0.4%.