Tag: Favor

Nasdaq Retreats as Technology Stocks Lose Favor | Investing News

NEW YORK (Reuters) – The Nasdaq closed 1.4% lower and the S&P dipped slightly on Tuesday as investors sold off technology stocks that benefited from virus lockdowns, favoring sectors that have suffered most during the pandemic instead on hopes a COVID-19 vaccine will turn the economy around.

The heavyweight technology <.SPLRCT> and consumer discretionary sectors <.SPLRCD> fell sharply and communication services <.SPLRCL> languished while investors favored small caps and economically sensitive energy <.SPNY> and industrials <.SPLRCI> sectors as well as value stocks in consumer staples <.SPLRCS>.

The main U.S. indexes had hit intraday peaks on Monday after Pfizer Inc said

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Nasdaq Closes Higher With Technology Stocks Back in Favor | Investing News

(Reuters) – The Nasdaq closed up 2% on Wednesday as investors switched back to technology stocks and away from economically sensitive sectors as they weighed COVID-19 vaccine progress against a virus surge and likely timing for a economic rebound.

After falling sharply for two days, the tech-heavy Nasdaq was boosted by “stay-at-home” stocks such as Microsoft and Netflix Inc, which closed up more than 2% and Amazon.com Inc and Apple Inc, which advanced more than 3%.

Monday’s encouraging late-stage coronavirus vaccine trial data had prompted a two-day rotation away from technology stocks into sectors that outperform coming out of a

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