Wall Street dropped on Friday, with Apple, Google-parent Alphabet, and other tech-related companies dipping despite recent strong quarterly earnings reports.
A day after the S&P 500 closed at a record high, Apple, Google-parent Alphabet and Facebook each fell more than 1%, giving back gains following upbeat quarterly reports this week.
“There is a sense that maybe next quarter is as good as it’s going to get, and we’re going to roll over, particularly among the Nasdaq stocks and Big Tech stocks that benefited from the pandemic,” said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Palm Beach, Florida.
Data on Friday showed U.S. consumer spending rebounded in March amid a surge in income as households received additional COVID-19 pandemic relief money from the government.
The Dow Jones Industrial Average was down 0.59% at 33,859.8 points, while the S&P 500 lost 0.72% to 4,180.97. The Nasdaq Composite dropped 0.85% to 13,963.28.
MacDailyNews Take: This too shall pass.