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Nasdaq and S&P 500 Turn Negative as Investors Rotate Out of Technology Stocks
Nasdaq and S&P 500 slip into negative territory as investors move out of tech stocks into other sectors.
Key points
- The Nasdaq fell 1.07% to 25,164.32, while the S&P 500 shed 0.51% to close at 7,541.40.
- Marvell shares dropped almost 13% and Lumentum shed 18% after the companies announced Marvell is buying Lumentum in a $115 billion deal.
- Oracle shares declined 8% after the company said it plans to sell $10 billion in common stock and $10 billion in bonds to finance its AI
Why it matters. Investors continued to scrutinize companies tied to the AI buildout, a concern that followed the Nasdaq's losing October and its worst losses since March 2025.
The Nasdaq Composite and S&P 500 fell on Monday, giving up earlier gains, as investors moved out of tech stocks. The tech-heavy Nasdaq dipped 1.07% to end at 25,164.32, while the S&P 500 shed 0.51% to close at 7,541.40. The Dow Jones Industrial Average rose 213.67 points, or 0.41%, to 51,983.98, helped by gains in old economy stocks such as Sherwin-Williams and Home Depot.
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Nasdaq and S&P 500 Turn Negative as Investors Rotate Out of Technology Stocks
U.S. stock indexes turned negative as investors kept moving money out of technology shares, according to CNBC's live market coverage. The move followed a losing week on Wall Street. Before the open, S&P 500 futures had been up 0.3% and Nasdaq-100 futures up 0.4%, while Dow Jones Industrial Average futures added 116 points, or 0.2%. Traders are bracing for a busy stretch that includes corporate earnings reports, a key jobs report and the midterm elections. Market direction is expected to depend heavily on how those results land.