The Nasdaq sunk 3.65% on Wednesday, underperforming other indexes like the Russell 2000. Reasons for the sell-off in technology included sector rotation, worse-than-expected earnings from Alphabet and Tesla, and muted AI spending commentary from Alphabet.
Investors are shifting from technology to value stocks, evident in the performance gap between Dow Jones and the Nasdaq-100. This trend started after Federal Reserve's comments on interest rate cuts.
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