Tech Sector Turbulence Drags Nasdaq Amid Broader Market Gains

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2025-05-07 17:56:02

Major U.S. equity indices posted mixed performance as trade Optimism lifted traditional sectors while AI-driven disruption rattled tech stocks. The Dow Jones Industrial Average climbed 377 points (0.92%) and the S&P 500 gained 0.42%, buoyed by progress in U.S.-China trade negotiations.

Google parent Alphabet plunged 8.11% after reports surfaced about Apple’s potential shift to AI-powered search engines in Safari. The tech selloff briefly erased 200 points from the Nasdaq Composite before it pared losses to close marginally higher by 0.07%. market participants interpreted Apple’s rumored move as a direct threat to Google’s search advertising dominance.

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