U.S. tech stocks have stumbled hard
U.S. tech stocks have stumbled hard as the NASDAQ comp gets de-FANGed by a 1% drop on the index, which has pulled the S&P 500 underwater in its slipstream, though the Dow is clinging to a small lead at the moment. Europe pulled back from highs into its close, while the UK FTSE 100 remained 0.7% lower thanks to firm Sterling over $1.3440. Within the Dow 2 out of 3 of the biggest decliners are tech: VISA -3.4%, Apple -2% and Microsoft -1.1%, while UnitedHealth +3.2%, Verizon +2.8% and JPMorgan +2.5% are the top gainers. Financials have benefitted from some curve steepening and back up in longer yields today, which helps their bottom line. Yellen continues with her swan song testimony before JEC, though she's fielding mostly softballs from the panel. Defensive rotation into value and transportation stocks at the expect of growth/tech seems the main culprit for now.