Tech sell-off ends Nasdaq streak of records

VIDEO: REUTERS
Traders work on the floor of the New York Stock Exchange on June 7, 2018.
Traders work on the floor of the New York Stock Exchange on June 7, 2018. PHOTO: EPA-EFE

NEW YORK (AFP) - Nasdaq's three-session streak of records fizzled on Thursday (June 7) with a sell-off in big technology names, while a surge in petroleum-linked shares and McDonald's lifted the Dow.

The tech-rich Nasdaq Composite Index finished down 0.7 per cent at 7,635.07.

The Dow Jones Industrial Average climbed 0.4 per cent to 25,241.41, while the broad-based S&P 500 dipped 0.1 per cent to 2,770.37.

Big tech companies including Google parent Alphabet, Microsoft and Netflix all lost more than 1 per cent.

By contrast, Dow member Chevron won 2.8 per cent, while oil producer Apache jumped 5.5 per cent and oil services titan Halliburton climbed 1.3 per cent.

The tech sector has outperformed the broader market over the last month or so and was primed for a pullback, analysts said, with some experts seeing evidence in Thursday's session of an investor rotation to other sectors.

US stocks are in positive territory for the week thus far with investors looking past worries about trade conflict and embracing solid economic data.

A Group of Seven summit this week in Canada is expected to spotlight tensions between President Donald Trump and the leaders of other leading economies, who warn that the US president's actions on trade could stymie global growth.

McDonald's was the biggest gainer in the Dow, surging 4.4 per cent after confirming a plan to cut an unspecified number of US jobs, helping the company towards a goal of saving US$500 million (S$660 million).