Health care offered a bright spot, with names like Regeneron (+3.2%) and Gilead (+2.8%) supporting gains. The sector rose 0.27%, as investors rotated into more defensive areas. Technically, the index remains well above its 50-day SMA near 5,597, suggesting underlying strength. With the index only 3% off all-time highs, consolidation at current levels could set the stage for another breakout if upcoming inflation data confirms cooling price pressures.
Nasdaq 100 slips as tech enthusiasm fades
The Nasdaq 100 declined 0.48% to 21,423 as the recent surge in tech cooled. High-beta names like Super Micro Computer (-4.5%), Airbnb (-3.2%), and Amazon (-1.01%) dragged on the index. Nvidia, which has been a key driver of the recent rally, also lost ground. Despite the pullback, the index has posted a strong recovery, now trading more than 10% above its 50-day SMA, which sits at 19,626.