{"id":55122,"date":"2024-12-27T19:52:20","date_gmt":"2024-12-27T19:52:20","guid":{"rendered":"https:\/\/prosfunds.com\/?p=55122"},"modified":"2024-12-27T19:52:23","modified_gmt":"2024-12-27T19:52:23","slug":"tech-pullback-drags-wall-street-stocks-lower","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=55122","title":{"rendered":"Tech pullback drags Wall Street stocks lower"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=5e7e124f-d481-428d-81a1-117c1a734a6f\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>US tech stocks slid lower on Friday as investors pivoted away from companies that had led markets higher for much of this year. <\/p>\n<p>The S&amp;P 500, Wall Street\u2019s main equity benchmark, dropped 1.2 per cent in Friday afternoon trading, while the tech-heavy Nasdaq fell 1.7 per cent. Elon Musk\u2019s electric-car maker Tesla was among the biggest laggards, falling 4.8 per cent, while chipmaker Nvidia dropped more than 2 per cent. <\/p>\n<p>Tech stocks have rallied strongly this year, as investors bet artificial intelligence would drive demand for everything from servers to microchips. The gains accelerated after Donald Trump\u2019s election victory in November on bets that the president-elect would usher in more business-friendly policies when his term begins next month. <\/p>\n<p>However, the sector has been choppier in recent weeks as investors reassess their best-performing holdings at the end of the year. The Federal Reserve also sparked ructions last week when it forecast only two quarter-point rate cuts next year, compared with its September forecast of four. <\/p>\n<p>The hawkish projections have pushed up US long-term borrowing costs, with the 10-year Treasury yield inching up to 4.61 per cent on Friday, compared with lows in September of about 3.6 per cent. Higher rates typically tarnish the appeal of holding shares in fast-growing companies. <\/p>\n<p>Citigroup analysts on Friday said that while they still forecast the S&amp;P 500 will rise about 10 per cent from current levels by the end of next year, they expect a \u201cmore volatile leg of the bull market ahead\u201d. <\/p>\n<p>The US bank noted this year\u2019s gains in stock prices compared with corporate profits were \u201csetting a high bar for fundamentals in the year ahead, and even the year after\u201d. The S&amp;P 500 trades at about 22.2 times expected earnings over the next year, compared with the average over the past decade of 18.1, according to FactSet data. <\/p>\n<p>The S&amp;P 500 is still up about 25 per cent year-to-date even after Friday\u2019s pullback, roughly on a par with the previous year\u2019s gains. <\/p>\n<p>The so-called Magnificent 7 Big Tech stocks \u2014 Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla \u2014 have been responsible for roughly half of the S&amp;P 500\u2019s total returns, including dividends, this year, said Howard Silverblatt at S&amp;P Dow Jones Indices. <\/p>\n<p>All of the Magnificent 7 shares declined on Friday, however, with Apple, Microsoft, Amazon and Meta down at least 1 per cent each. <\/p>\n<p>Trading activity is typically lighter than usual during the holiday period, something that can exacerbate volatility. <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/5e7e124f-d481-428d-81a1-117c1a734a6f\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US tech stocks slid lower on Friday as investors pivoted away from companies that had led markets higher for much of this year. The S&amp;P 500, Wall Street\u2019s main equity benchmark, dropped 1.2 per cent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-55122","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tech pullback drags Wall Street stocks lower | Prosfunds<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.US tech stocks slid lower on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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