US technology stocks slipped on Wednesday against a backdrop of concerns about global growth as investors weighed weak Chinese export data against hopes that Beijing will ease further strict Covid-19 restrictions.
The tech-heavy Nasdaq Composite gave up 0.5 per cent, extending its declines this week. The benchmark S&P 500 fell 0.2 per cent.
This week’s stock market falls have also followed a report from the Institute for Supply Management on Monday showing that its index, which tracks economic activity in the US services sector, in November expanded for the 30th month in a row. It unnerved investors who have been expecting the Federal Reserve to slow its interest rate rises when it meets later this month.
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