Dow Jones Futures: Split Market Rally Returns As Apple, Nvidia Lead Tech Sell-Off; Janet Yellen Backs Off Rate Hike Warning
Dow Jones futures were steady late Tuesday, along with S&P 500 futures and Nasdaq futures. The stock market rally technically was mixed Tuesday, but tech stocks suffered significant losses. Treasury Secretary Janet Yellen after the close tried to walk back earlier comments when she said interest rates may have to rise "somewhat."
The Nasdaq tumbled intraday to its 50-day line while the Russell 2000 closed right at that key level. Trillion-dollars stocks Apple (AAPL), Amazon.com (AMZN), Microsoft (MSFT) and Google parent Alphabet (GOOGL) sold off. So did Nvidia (NVDA) and other chip names. ServiceNow (NOW), Adobe (ADBE) and other software plays fell, as did Tesla (TSLA) and other EV makers.
On the upside, steel and mining stocks such as Steel Dynamics (STLD) generally did well. Agricultural, transportation, housing and retail groups generally held up, along with oil groups and financials such as Goldman Sachs (GS).
The Dow Jones managed to eke out a gain. The S&P 500 fell modestly, but held support at its 21-day exponential moving average, even with big-cap techs like Apple stock dragging down the benchmark index. …
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