Wall Street isn’t giving up on tech stocks yet.
The Nasdaq Composite rallied back to a gain of 0.4% after bouncing up and down for much of the session. Among the stocks leading the charge were CrowdStrike Holdings, Super Micro Computer, and Tesla.
The S&P 500 was down just 0.3%. It was briefly on pace to close in correction territory before paring its decline. The Dow, which lacks the kind of exposure to tech that the Nasdaq and S&P have, was down 383 points, or 0.9%.
The S&P would be doing much worse if not for tech, as market breadth was still terrible. Only 136 of the stocks in the S&P 500 were rising. The Invesco S&P 500 Equal Weight ETF, a proxy for breadth since it counts every stock the same regardless of market cap, was down 1%.
Today’s trading is a bit of a tug-of-war between those buying the latest dip in Big Tech stocks and those seeing the latest tariff threats from the White House and selling any sign of strength. Tech and consumer discretionary—both hard-hit in recent weeks, were the only S&P 500 sectors on the rise. Utilities, industrials, and energy were all down 1% or more. Consumer staples and real estate were down a’bout 0.9%.