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Market Wrap: Tech Sell-Off Drags Nasdaq Lower as S&P 500 Extends Decline
Market Wrap: Tech Sell-Off Drags Nasdaq Lower as S&P 500 Extends Decline
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BTCCSquare news:
The S&P 500 fell for a fourth consecutive session on August 20, pressured by a broad retreat in mega-cap technology stocks. The Nasdaq Composite underperformed with a 0.67% decline, while the Dow Jones Industrial Average eked out a marginal 0.04% gain.
Profit-taking swept through high-flying semiconductor and tech names, with Palantir Technologies and Nvidia among notable decliners. The selloff reflects growing valuation concerns after many sector constituents more than doubled year-to-date.
Federal Reserve meeting minutes and mixed retail earnings further dampened sentiment. Market participants appear increasingly wary of stretched valuations in tech leaders like Apple, Amazon, and Meta Platforms - all up roughly 80% from April lows.
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