U.S. markets closed
  • S&P 500

    4,163.26
    -22.21 (-0.53%)
     
  • Dow 30

    34,077.63
    -123.04 (-0.36%)
     
  • Nasdaq

    13,914.77
    -137.58 (-0.98%)
     
  • Russell 2000

    2,232.00
    -30.67 (-1.36%)
     
  • Crude Oil

    63.43
    +0.30 (+0.48%)
     
  • Gold

    1,770.70
    -9.50 (-0.53%)
     
  • Silver

    25.89
    -0.22 (-0.84%)
     
  • EUR/USD

    1.2039
    +0.0059 (+0.49%)
     
  • 10-Yr Bond

    1.6010
    +0.0280 (+1.78%)
     
  • GBP/USD

    1.3987
    +0.0148 (+1.07%)
     
  • USD/JPY

    108.1720
    -0.6110 (-0.56%)
     
  • BTC-USD

    56,065.27
    +472.11 (+0.85%)
     
  • CMC Crypto 200

    1,267.73
    -31.23 (-2.40%)
     
  • FTSE 100

    7,000.08
    -19.45 (-0.28%)
     
  • Nikkei 225

    29,685.37
    +2.00 (+0.01%)
     

US STOCKS-Nasdaq falls as big tech slides; Fed minutes in focus

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Devik Jain and Shreyashi Sanyal
·3 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(For a Reuters live blog on U.S., UK and European stockmarkets, click LIVE/ or type LIVE/ in a news window)

* U.S. retail sales rebound strongly in January

* Verizon, Chevron jump as Buffett's Berkshire reveals bigstakes

* Hilton falls on third straight quarterly loss

* Indexes down: Dow 0.06%, S&P 0.28%, Nasdaq 0.60%(Updates to open)

By Devik Jain and Shreyashi Sanyal

Feb 17 (Reuters) - The Nasdaq fell on Wednesday led by aslide in big technology firms as investors rotated out of growthstocks, while awaiting the release of minutes from the U.SFederal Reserve's January meeting later in the day.

Shares in Apple Inc, Tesla Inc andMicrosoft Corp fell between 1.0% and 2.5%, weighing themost on the tech-heavy index. The S&P 500 technology sectorfell 0.9%, while the communication services sectordropped 0.1%.

Both the S&P sectors house many stocks with high earningsmultiples, which many analysts say may come under pressure withrising yields.

Rising inflation expectations pushed benchmark 10-year U.S.Treasury yields to their highest in a year onWednesday.

"The reflation trade has been good for stock markets as it'sdriven by optimism around the recovery, but that will onlycontinue to a point ... if yields start rising at a rateconsidered too fast, sentiment will quickly change in stockmarkets," said Craig Erlam, senior market analyst at OANDA.

The Fed has pledged to pin interest rates near zero untilinflation rises to 2% and looks set to exceed that goal.

That super-easy stance, coupled with the Bidenadministration's proposed $1.9 trillion spending bill forpandemic relief, has some analysts warning of a coming surge ininflation.

"While the new package may be large, it will add stimulus toan economy still below potential, and the spending will bespread out over a couple of years," said Mark Haefele, chiefinvestment officer, UBS global wealth management in Zurich.

"So while a near-term rise in inflation is likely, we expectthe Fed to look past that and keep rates on hold."

Data showed U.S. retail sales rebounded sharply in Januaryafter households received additional pandemic relief money fromthe government, suggesting a pick-up in economic activity afterbeing restrained by a fresh wave of COVID-19 infections latelast year.

At 9:56 a.m. ET the Dow Jones Industrial Average wasdown 17.73 points, or 0.06%, at 31,505.02, the S&P 500was down 11.15 points, or 0.28%, at 3,921.44, and the NasdaqComposite was down 84.07 points, or 0.60%, at 13,963.43.

Shares in Dow components Verizon Communications Incand Chevron Corp jumped about 3.5% after WarrenBuffett's Berkshire Hathaway Inc disclosed majorinvestments in the companies on Tuesday.

Hotel operator Hilton Worldwide Holdings Inc slipped3% on reporting a third straight quarterly loss as bookings felldue to coronavirus-induced travel disruptions.

Declining issues outnumbered advancers for a 1.73-to-1 ratioon the NYSE and a 1.91-to-1 ratio on the Nasdaq.

The S&P index recorded 13 new 52-week highs and no new low,while the Nasdaq recorded 92 new highs and six new lows.(Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru;Editing by Anil D'Silva and Shounak Dasgupta)