Nasdaq and S&P 500 decline as tech valuations weigh
The Nasdaq and S&P 500 closed lower on Wednesday as tech stocks faced pressure from valuation concerns and new chip competition. While falling energy prices boosted the Dow and travel stocks, investors remained cautious ahead of key inflation data and potential Federal Reserve rate hikes.
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The Nasdaq and S&P 500 fell on Wednesday as tech valuations faced scrutiny, while the Dow rose 0.36% on gains in travel and housing. Over $1 trillion in market value has been erased from the Nasdaq 100 this week. Investors are rotating out of high-growth tech names as energy costs retreat and interest rate fears resurface.
