New York indices closed lower in volatile trading this Tuesday (30), as gains in communication services stocks were offset by declines in technology and financial stocks, with the financial sector also putting pressure on the Dow Jones index.
The S&P 500 lost 0.14% to 6,896.24 points. The Nasdaq technology index fell 0.23% to 23,419.08 points. The Dow Jones fell 0.20% to 48,367.06 points.
Communication services stocks were among the biggest gainers in the S&P 500, driven by a 1.1% rise in Target.
The technology company said it will acquire Manus, an artificial intelligence startup founded in China, accelerating efforts to integrate advanced AI into its platforms such as Facebook and Instagram.
The information technology sector finished slightly lower, with Apple down 0.3% and Nvidia down 0.4%, while Microsoft rose.
“Growth rates will converge between technology and everything else over the next year and the valuation difference is so large that it is absolutely justified to see repositioning,” said Mark Hackett, chief market strategist at Nationwide.
“It’s just a healthy rebalancing of allocations rather than an emotionally driven sell-off (in technology).”
