US tech stocks slipped on Friday as investors pivoted away from companies that had led markets higher for much of this year.
The S&P 500, Wall Street’s main equity benchmark, fell 1.1 per cent on Friday, while the tech-heavy Nasdaq Composite dropped 1.5 per cent. Elon Musk’s electric-car maker Tesla was among the biggest laggards, falling 5 per cent, while chipmaker Nvidia dropped 2.1 per cent.
“I watch probably 30 different [market indicators] and they’re all down today,” said Jack Ablin, chief investment officer at Cresset Capital. “This was just widespread selling without much enthusiasm.”
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