“U.S. stocks came off their highs of the session on Friday, with the Nasdaq reversing an early gain that took it to a record as the technology sector abruptly turned lower in afternoon trading, something analysts credited to profit-taking after recent strength,” Barbara Kollmeyer and Ryan Vlastelica report for MarketWatch.
“The Dow Jones Industrial Average rose 87 points, or 0.4%, to 21,270. The S&P 500 added 6 points to 2,440, a rise of 0.2%,” Kollmeyer and Vlastelica report. “The Nasdaq Composite Index fell 35 points to 6,287, a decline of 0.6%.”
“All three had hit intraday records in morning trading, but the sudden tech retreat pushed the Nasdaq into negative territory for the week,” Kollmeyer and Vlastelica report. “Apple Inc. tumbled 2.6%, weighing on the overall technology sector, which fell 1.2%. Other major tech stocks were also sharply lower. Facebook Inc. fell 1.4% while Alphabet Inc. the parent of Google, was down 1.2%. ‘All these stocks have hit new highs recently, so now people are taking a pause and we’re seeing the money flow out,’ said Doug DePietro, managing director for trading at Evercore ISI. ‘There’s nothing in the news that’s saying, ‘sell the big tech stocks’; this is just simple profit-taking, a rotation to other names.'”
Read more in the full article here.
MacDailyNews Take: It’s profit-taking Friday!