The Nasdaq Composite tumbled Wednesday as investors retreated from many of the technology companies that have powered markets higher this year.
The technology-heavy index fell 82 points, or 0.6%, to 13965.49, dragged down by heavy hitters including Apple and Netflix . The S&P 500 also slid, losing 1.26 points, or less than 0.1%, to close at 3931.33.
The Dow Jones Industrial Average, meanwhile, finished the day higher, rising 90.27 points, or 0.3%, to settle at 31613.02—the index’s ninth record of the year. Earlier in the day, the blue-chip index fell nearly 184 points before reversing course.
The U.S. stock market’s recent rally has showed signs of cooling this week, even as investors point to reasons for optimism ahead. Investors say they are keeping a close watch on the possibility for more fiscal stimulus out of Washington, as well as the potential for a speedier Covid-19 vaccine rollout.
Fresh data also has shown encouraging signs that the U.S. economy is improving. On Wednesday, the latest retail sales report revealed that U.S. shoppers sharply increased their spending in January after three months of decline during the holidays.