Update: US Equity Indexes Decline as Rotation Out of Technology Continues

MT Newswires Live10-17 00:54

(Updates with index/price moves and company news from the first paragraph.)

US equity indexes fell after investors rotated out of technology for a second day, with semiconductor and software names leading the decliners among mega-caps.

The Nasdaq Composite dropped 1.5% to 26,307.8, and the S&P 500 declined 0.7% to 7,686.4 after midday Friday. The Dow Jones Industrial Average fell 0.3% to 52,042.1, after trading higher earlier in the session.

Materials, consumer staples, and financials topped the gainers. Communication services was among the worst performers.

The PHLX Semiconductor slumped 2.1%, sliding for the eighth straight day.

The vast majority of the bottom 20 names among stocks with market capitalization exceeding $200 billion were technology firms, according to data compiled by Finviz. Palo Alto Networks (PANW) led decliners, down 7.5%.

CoreWeave (CRWV) co-founders Michael Intrator, Brian Venturo and Brannin McBee have sold $3.3 billion in company shares since its March 2025 initial public offering, including $2.4 billion in 2026, Bloomberg reported. Shares sank over 11%, extending losses from earlier this week as concern mounted around its debt and credit risk.

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