In a significant turn of events, high cap tech stocks have lost most of their year-to-date gains in just one week, marking a significant pullback for the sector that has led the market’s advance this year. The Nasdaq Composite, which is heavily weighted with tech stocks, declined 0.84% to 14,185.49, with shares of popular artificial intelligence names and megacaps leading the index to the biggest losses of the three major indexes.
Tech Stocks’ Significant Pullback
The tech-heavy Nasdaq Composite, which has been leading the market’s advance this year, experienced a significant pullback, declining 0.84% to 14,185.49. This pullback comes after high cap tech stocks had gained most of their year-to-date gains in just one week.
Megacaps and AI Stocks Lead the Losses
Shares of popular artificial intelligence names and megacaps were the leading contributors to the Nasdaq’s biggest losses among the three major indexes. These stocks, which had been driving the market’s advance, have now faced a significant pullback.