"I don’t think anything coming out there is surprising," Pride said. Powell is reiterating the Fed’s stance on staying with current rates until there is sustained inflation, said Jason Pride, chief investment officer for Private Wealth at Glenmede in Philadelphia.
On the upside, energy (.SPNY) gained 1.8% and communication services (.SPLRCL) rose 0.6%. The consumer discretionary index (.SPLRCD) fell 0.9%, while information technology (.SPLRCT) slid 0.2%. The S&P 500 and Nasdaq both opened at record highs but soon drifted lower, while the Dow set a new peak during the session.Ī wave of selling in high-riding Tesla Inc (TSLA.O), down 5.3%, and declines of less than 1% in Inc (AMZN.O), Microsoft Corp (MSFT.O) and Apple Inc (AAPL.O), pulled the Nasdaq down and weighed the most on the S&P 500. "You have over 75% of the S&P 500 trading above its 200-day moving average. "Is the whole market still reliant on big tech as it clearly was last summer? I think the answer is increasingly becoming 'No,' you’re seeing a broadening of market leadership," Bahnsen said. read moreĪ change in market leadership is underway with the focus on big tech easing and sectors such as energy and financials gaining traction, said David Bahnsen, chief investment officer at The Bahnsen Group in Newport Beach, California. Stocks shrugged off remarks by Federal Reserve Chairman Jerome Powell, who reassured investors that interest rates will remain low for some time to spur the economy and jobs growth, but provided no new insights on monetary policy. Feb 10 (Reuters) - The S&P 500 and the Nasdaq edged slightly lower on Wednesday as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs.
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