Wednesday saw another record close for the NASDAQ, while the the Dow slid 1% and S&P 500 closed 0.5% lower. Technology was the only sector higher on the day.
fell for a second straight day on Wednesday as traders once again took profits out of names benefiting from the economy reopening and rotated into mega-cap tech stocks.Nasdaq CompositeShares of Amazon and Apple gained more than 1.7% each and hit all-time highs. Alphabet and Netflix rose 0.9% and 0.1%, respectively. Stocks that would benefit from the economy reopening — which have outperformed in recent weeks — fell broadly. American Airlines, United and JetBlue all dropped more than 8%.
"Being overweight stocks most sensitive to an economic revival worked well in recent weeks but not earlier in the year and not today," added Paulsen. "Alternatively, owning high-growth, new-era stocks worked well earlier in the year and did very well today but not in the last couple weeks."The Federal Reserve kept interest rates unchanged on Wednesday and indicated it does not expect to raise them through 2022.
Faranello added that "not everyone will agree with what the Fed is doing," but noted that "even as a market participant, it's hard to see the economic devastation that we've seen."—CNBC's Jeff Cox and Michael Bloom contributed to this report.for exclusive insights and analysis, and live business day programming from around the world.
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