It was a tale of two equities markets on Thursday. US technology stocks dropped, while financials shifted into rally mode.
The US technology sector fell 1.3 per cent in mid-morning trading. Big names, including Apple, Alphabet, Nvidia and Netflix, all came under selling pressure.
There have been several bouts of selling for the sector in recent weeks, with investors shifting away from what remains this year’s best-performing sector.
Meanwhile, banks, which have lagged behind the broader market this year, jumped after the Federal Reserve approved their plans to give billions back to shareholders. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley all posted solid gains.
Looking at the main indices, the tech-heavy Nasdaq was off 1 per cent at 6,172.7, while the broader S&P 500 was down 0.4 per cent to 2,431.4.