(Bloomberg) — A selloff in the world’s largest technology companies dragged down stocks, with the market trimming a monthly rally that was fueled by hopes that the recent cooldown in inflation would lead to Federal Reserve rate cuts.
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The S&P 500’s most-influential group came under pressure this week after results from some prominent names like Dell Technologies Inc. and Salesforce Inc. failed to impress investors. All megacaps were down on Friday, with the tech-heavy Nasdaq 100 dropping almost 2%.
“Leaders to losers… for now,” said Dan Wantrobski at Janney Montgomery Scott. “We are seeing breaks of initial support in some leadership areas. Net-net we are still expecting a bumpy ride for US equities as we enter the month of June.”
Menatime, Treasuries headed toward their best month in 2024 as the so-called core personal consumption expenditures price gauge came in line with estimates, while posting…
