US stocks mixed amid shift away from tech shares
- S&P 500 lost less than 0.1% while Nasdaq Composite Index declined 0.3%
NEW YORK: Wall Street stocks were mixed early Wednesday following lackluster hiring data as a drop in AMD shares suggested greater momentum away from large tech equities.
US private employers added 22,000 jobs last month, about half the level forecast by analysts, according to payroll firm ADP.
Meanwhile, shares of Advanced Micro Devices sank more than 12 percent despite blowout fourth-quarter earnings that concluded a year of strong revenue growth due to artificial intelligence.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.6 percent at 49,537.29.
READ MORE: US stocks move sideways, digesting mixed earnings
The broad-based S&P 500 lost less than 0.1 percent at 6,915.40, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 23,175.04.
“We’re seeing a lot of rotation from growth stocks to value stocks, moving from tech into other sectors, and a lot of dispersion of individual stock results,” said Steve Sosnick of Interactive Brokers.
AMD’s results were good but “the market had such high expectations for the stock that it’s selling off anyway,” Sosnick said.
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