A selloff in technology stocks dragged on the S&P 500 and Nasdaq on Wednesday, with investors also cautious about brewing U.S.-China tensions at a time when policymakers are attempting to revive the global economy from a coronavirus-driven slump.
), which have led a recent rally, weighed on the tech-heavy Nasdaq, while healthcare .SPXHC and technology stocks .SPLRCT - which outperformed in the coronavirus-led market slump - were among the S&P 500 sector indexes in the red.
On the other hand, travel-related stocks including airlines .SPCOMAIR, cruise companies and hotel operators jumped between 2.4% and 4.5% after taking a beating earlier this year due to a virtual halt in global travel. “ the progress made in fighting the coronavirus and optimism that we can see past this very sharp downturn and return to a more normal state sometime in the second half of the year,” said Ed Keon, chief investment strategist at multi-asset manager QMA in Newark, New Jersey.
The easing of lockdowns, optimism about an eventual COVID-19 vaccine and massive U.S. stimulus have powered a recent stock market rally, helping the S&P 500However, Sino-U.S. worries have kept a lid on further gains, with President Donald Trump saying Washington would announce its response to China’s planned national security legislation on Hong Kong before the end of the week.
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