(Bloomberg) — A rally in the S&P 500 lost traction as Nvidia Corp. extended its selloff to more than 6%. The good news: most stocks in the US advanced.
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Buoyed by data showing the economy is holding up and a host of market observers reassuring investors that Nvidia’s growth prospects remain intact, the vast majority of groups in the American equity benchmark rose. While tech was dragged down by the giant chipmaker, five companies in the “Magnificent Seven” group of megacaps gained. The Russell 2000 of small firms climbed almost 1%. In late hours, Dell Technologies Inc. jumped after its results.
“As long as the tech sector can avoid getting hit hard, it could/should keep the ‘rotation’ scenario in play,” said Matt Maley at Miller Tabak + Co. “Since the big-cap tech names are so highly weighted in the indices, a significant decline for the group will cause the market to move lower. But, as long as…
