NEW YORK: The Nasdaq index fell in choppy trading on Wednesday as investors continued to sell technology-related stocks, while the S&P 500 and the Dow Jones were supported by cyclical shares on hopes of a quicker economic recovery.
Microsoft Corp, Alphabet Inc, Amazon.com Inc and Apple Inc were down between 0.6% and 1.7% after rising in premarket trading.
Value-oriented stocks have enjoyed a bit of a bounce recently, with the S&P 500 Value index rising for the fourth straight day.
The S&P 500 financial sector added 0.9% to hit a record high, while other cyclical sectors including industrials, energy and materials also rose.
Tesla Inc gained 0.6% after star investor Cathie Wood’s Ark Invest fund bought a further $171 million worth of the company’s shares in the wake of a sharp fall in the electric-car maker’s stock.
At 10:46 a.m. ET the Dow Jones Industrial Average was up 109.64 points, or 0.35%, at 31,646.99, the S&P 500 was up 2.79 points, or 0.07%, at 3,884.16, and the Nasdaq Composite was down 82.46 points, or 0.61%, at 13,382.74.