Investors sell off tech stocks to start the final week of June, Nasdaq declines 1%
By The Headlines, June 26, 2023 | 09:28 PM
On Monday, the start of the final trading week of the first half and the selling of shares of technology companies that had outperformed this year led to a decline in the Nasdaq Composite.
The Nasdaq's steep slide was significantly attributed to a retreat by global technology leaders. Nvidia, Alphabet, and Meta Platforms all had losses of above 3%. Tesla fell 6% after Goldman Sachs cut its rating.
After a challenging 2022, technology stocks have recovered this year as investors placed bets on artificial intelligence's potential and held out optimism that the Federal Reserve's program of rate hikes would come to a halt. The Nasdaq has increased 27.4% as a result of rotation back into well-liked growth stocks, putting it on track to have its greatest first half since 1983.
Despite the market surge stalling last week and major averages breaking multiweek winning streaks, some market divisions are still on course for a strong first half. The Dow has increased by around 1.7%, compared to the S&P 500's 12.7% gain.
Following a brief uprising by a private military organization over the weekend, traders are keeping an eye on the situation in Russia. Market volatility may result from a lack of clarity regarding the situation there.