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Nasdaq Falls For Second Straight Day as Tech Rebound Fades

Stock MarketsDec 05, 2017 16:19
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Investing.com – US stocks closed lower on Tuesday as investors appeared to take profit on the rebound in tech stocks, which weighed on the broader indexes.

The Dow Jones Industrial Average closed lower at 24,172. The S&P 500 closed 0.37% lower, while the Nasdaq Composite closed at 6762.21, down 0.19%.

The slump in the tech-heavy Nasdaq comes as tech stocks struggled to hold onto early-session gains as investors appeared to take profit on the rebound in the tech sector, a day after it slumped more than 1% on expectations that the so-called rotation trade favored value stocks over growth stocks.

The tech sector pared some of its gains to end session just 0.21% higher amid a rebound in the FANG group of Facebook Inc (NASDAQ:FB)., Amazon.com Inc (NASDAQ:AMZN)., Netflix Inc (NASDAQ:NFLX). and Google parent Alphabet (NASDAQ:GOOGL).

Also adding to negative sentiment was data showing service sector activity undershot expectations in November.

The Institute for Supply Management's non-manufacturing purchasing managers' index showed a reading of 57.4 for November compared to 60.1 in October, missing economists' expectations for a reading of 59.

On the corporate news front, Snap Inc (NYSE:SNAP) closed more than 9% after Barclays expressed optimism that the social media company could start “hitting or exceeding” revenue expectation in 2018.

'Bulls and Bears' on Wall Street

The top Dow gainers for the session: McDonald’s Corporation (NYSE:MCD) up 1.4%, Visa Inc (NYSE:V) up 1.1% and Wal-Mart Stores Inc (NYSE:WMT) 0.8%

Walt Disney down 2.7%, Intel (NASDAQ:INTC) down 2.4% and Verizon Communications (NYSE:VZ) down 1.5%, were among the worst Dow performers of the session.

Nasdaq Falls For Second Straight Day as Tech Rebound Fades
 

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