TREE NEWS reports: The S&P 500 closed 0.8% lower, with utilities, telecom, consumer discretionary and real estate falling as much as 1.9%, while tech slipped 0.8% and energy gained about 0.9%. The Nasdaq 100 fell 0.9%, led by Paychex down 8.3%, Airbnb down 7.7%, SpaceX down 4.1% and Google A down 3.7%; CrowdStrike rose 5% and Thomson Reuters 2.9%.
S&P 500 Falls 0.8% as Utilities, Telecom Lead Declines; Nasdaq 100 Drops 0.9%
AI take
The rotation is the story: defensive sectors like utilities and telecom led the decline while energy was the lone gainer, a pattern that suggests broad de-risking rather than a tech-specific selloff. The dispersion inside the Nasdaq 100 matters more than the index move, with sharp single-name drops alongside notable gainers. Whether that defensive-to-energy tilt persists, or reverses, is the open question.
Generated by AI for reference only.
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