(Reuters) – A selloff in technology stocks dragged on the S&P 500 and Nasdaq on Wednesday, with investors also cautious about brewing U.S.-China tensions at a time when policymakers are attempting to revive the global economy from a coronavirus-driven slump.
Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid
Index heavyweights Amazon.com (AMZN.O), Microsoft Corp (MSFT.O) and Facebook Inc (FB.O), which have led a recent rally, were down more than 2%, while healthcare .SPXHC and technology .SPLRCT – outperformers in the coronavirus-led market slump – were among the S&P 500 sectors in the red.
Five of the 11 major S&P sectors were higher, with financials .SPSY leading gains. The bank index .SPSY jumped 4.4% but was still down more than 20% this year.
“The core theme is a rotation out of the high flying tech stocks and a move into