How are the major indexes performing?
Blue-chip stocks came under selling pressure, and the Dow Jones Industrial Average fell 100 points, or 0.3%. Investors appear cautious about the outlook for economic growth, and appetite for defensive sectors is low.
In contrast, the S&P 500 rose 0.3%, supported by technology and communications services stocks. The Nasdaq Composite rose 0.6% to lead the way, led by Tesla, Meta, and Nvidia. Nvidia rose 1.6% and Meta rose 1.4%. Apple continues to climb towards a market capitalization of $4 trillion.
Which sectors are driving the market?
technology leads the way
The technology sector was the best performing, rising 0.82%. Broadcom stands out, jumping 4% and continuing to rise. Qualcomm also rose 1.7% after resolving a legal dispute over processor licenses.
Improving the status of communication services
The communications services sector also performed well, rising 1.06%, reflecting strong performance by large tech companies.
Consumer staples and energy weigh on the market
On the downside, consumer staples fell 1.28%, and Walmart fell 3.3% following legal claims related to shipping charges. Energy and materials fell by 0.15% and 0.65%, respectively, further adding to the weakness in the defense sector.
Health care is strong
Healthcare recorded a slight increase of 0.11%. Eli Lilly rose 1.7% after the FDA approved a weight-loss treatment for sleep apnea. But rivals ResMed and Inspire Medical each fell about 4%.
