FX.co ★ S&P 500 and Nasdaq Drop, Led by Tech Selloff

On Wednesday, the S&P 500 dropped by 0.6%, and the Nasdaq experienced a decline exceeding 1%, while the Dow Jones wiped out its initial gains to remain near breakeven, largely due to a significant selloff within the technology sector. Prominent stocks were notably affected; Nvidia fell by 4.7%, Tesla decreased by 3.9%, and major players such as Amazon, Meta, and Alphabet all recorded losses ranging from 1.2% to 1.4%. Apple and Microsoft also saw dips of 0.2% and 0.4% respectively. Investor sentiment remained fragile amidst ongoing concerns surrounding the trade war, with many seeking further details on the reciprocal tariffs scheduled to begin on April 2nd. Economic data compounded the market's uncertainty, as core durable goods orders unexpectedly dropped by 0.3%, contrasting with the anticipated 0.2% rise. In addition, the CB Consumer Confidence index reached its lowest point in four years. Investor anxiety was heightened by the Congressional Budget Office's warning that the Treasury could potentially face a payment default as early as August. However, the energy sector provided a glimmer of optimism, buoyed by an increase in oil prices.