The S&P 500 and Dow give up half of their opening advance, but
continue to post strong gains. The tech sector (-1.2%) is a playing a
major role in the pullback.
Qualcomm (QCOM 41.32, -0.98), Google (GOOG 369.99, -11.03), Microsoft
(MSFT 24.31, -1.19), Amazon.com (AMZN 57.18, -4.78 ) and eBay (EBAY
17.99, -0.11) have all slipped into the red after opening with solid
gains. Other notable tech names are still in positive territory, but
are well off their best levels.
There is not a clear catalyst for the weakness in large-cap tech.
As a result, the tech-heavy Nasdaq 100 is down 1.8% compared to the broader market's advance of 1.1%.
Similar to yesterday, but to a lesser extent, commodities (+1.6%) are
on the rise as the dollar (-1.0%) comes under selling pressure. Crude
oil futures are up 1.0% to $82.01 per barrel.