Stock Market Midday, Oct. 16: Tech Stocks Slide as Investors Rotate Into Defensive Sectors
As of 11:37 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 0.34% to 7,718, the Nasdaq Composite (NASDAQINDEX:^IXIC) has fallen 1.09% to 26,419, and the Dow Jones Industrial Average (DJINDICES:^DJI) is up 0.29% to 52,327 as investors rotate out of tech stocks into defensive sectors.
Gold prices are up 0.17% to $4,177.51, and the 10-Year Treasury yield has slipped to 5.08%. Energy stocks lead the sector gainers, with strong performances from basic materials and financial stocks, while technology and communication services lagged.
Tesla shares surged in early trading after the automaker revealed a redesigned Roadster utilizing technology from Space Exploration Technologies. By midday, it had erased those gains. Hut 8 tumbled 7% as on-chain analytics tracked significant Bitcoin transfers to exchanges. Netflix declined 2% following a change in its content leadership.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.