Apple Inc, Microsoft Corp, Amazon.com Inc and Alphabet Inc, which helped to fuel the market’s rally off the March lows, were among the biggest drags on the S&P 500 and Nasdaq yesterday— Reuters pic
Apple Inc, Microsoft Corp, Amazon.com Inc and Alphabet Inc, which helped to fuel the market’s rally off the March lows, were among the biggest drags on the S&P 500 and Nasdaq yesterday, while the S&P 500 technology index fell 1.7 per cent, the biggest weight among the S&P 500 sectors. Apple was down 3.2 per cent.
Yesterday marked the quarterly expiration of US stock options, stock index futures and index option contracts, known as “quadruple witching,” bringing increased trading volume at the market close. The Dow ended just barely lower on the week, while the S&P 500 fell 0.7 per cent and the Nasdaq dropped 0.6 per cent for the week.
“We’re not sure this really indicates there’s a problem with economic growth, but rather, it’s some profit-taking, some adjustment and rotation” between sectors, he said. “You’re moving from the biggest weights in the market to the smallest weights.”
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