Drops for tech stocks sap more momentum from Wall Street’s rally

Technology stock declines resulted in a mixed performance on Wall Street on Wednesday, dampening the momentum of its five-week rally.

The S&P 500 declined by 0.5% or 23.02 points, closing at 4,365.69. This marked the third consecutive pullback for the index after reaching its highest level in over a year during the previous week.

The Nasdaq composite was particularly affected by the weakness in high-growth stocks, experiencing a loss of 1.2% or 165.09 points, closing at 13,502.20, the Associated Press reports.

READ MORE: https://apnews.com/article/stock-markets-inflation-rates-powell-afb54dda9e39a10837e0c095902dc2e1

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