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The S&P 500 retreated on Wednesday as the rotation out of high-flying technology shares continued.
The Dow Jones Industrials continued their winning ways, amassing 175.61 points to 41,139.09.
The much-broader index fell 59.03 points, or 1%, to 5,608.17.
The NASDAQ fizzled 404.27 points, or 2.2%, to 18,105.07.
Apple, Meta, Netflix and Microsoft all dropped more than 1%. That offered the latest sign of investors pulling back on megacap technology after the group’s monster run this year as artificial intelligence captured the market’s interest.
Semiconductor stocks struggled in particular within the tech sector following a Bloomberg News report that the Biden administration is considering tougher trade restrictions if companies continue granting China access to U.S.-made technology.
Nvidia was down 4%, and U.S.-listed shares of Taiwan Semiconductor lost around 2%.
Prices for the 10-year Treasury listed lower, raising yields to 4.19% from Tuesday’s 4.16%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.36 at $82.12 U.S. a barrel.
Gold prices gained $13.80 to $2,481.60
