On Thursday, Wall Street witnessed a strong incline of S&P 500 and Dow industrials heading for their disastrous daily drops in six weeks as investors who continued a recent move out of technology shares. The technology sector, which has recently the S&P 500’s 8-percent hike for the year, then dropped 2.1 percent, and this brings the worst-performing major group. The downfall in big tech stocks, such as Microsoft (MSFT.O) and Apple (AAPL.O), evaluated the most on the benchmark S&P. Financials (.SPSY) and energy (.SPNY) were the only sectors falling in the positive territory because the investors may have been revolving into groups that have interval this year.
Peter Kenny, senior market strategist at Global Markets Advisory Group, in New York said, “U.S. equities have remained extended, at or close to record territory for an extended period of time really without a tremendous amount of conviction in the market.” He even said, “It’s really been treading water. Without a major stimulus to drive prices higher, equities have to reset and that’s what they’re doing today.” The Dow Jones Industrial Average (.DJI) slugged to 167.7 points (0.78 percent) to 21,286.91, the S&P 500 (.SPX) lost 21.67 points (0.89 percent) to 2,419.02 and the Nasdaq Composite (.IXIC) crashed to 109.49 points (1.76 percent) to 6,124.92. Various Equity investors must be even worried about the hike in interest rates globally, with European stocks also witnessing a downfall. Although the second quarter is coming a little close, the market has witnessed an unpredictable phase.