Tech Stocks Halt S&P 500 Rally | Closing Bell

Summary

The Closing Bell hosts review a pause in the S&P 500 rally as tech stocks halt a three-day winning streak, with the Dow hitting a record high on financials and materials strength. They highlight individual movers including Western Digital and Seagate on analyst upgrades, Moderna on vaccine news, Cboe and CME falling on crypto futures regulatory concerns, and Tractor Supply downgraded on falling large dog population. Markets await a Fed decision and Middle East developments.

• S&P 500 and Nasdaq decline while Dow sets a record high, driven by financial and material sector gains.
• Information technology falls 2.3%, offsetting sectoral strength and halting the broad market rally.
• Western Digital and Seagate rise on Morgan Stanley overweight reiterations and raised price targets.
• Moderna gains after FDA briefing documents on flu vaccine and organizational changes for future launches.
• Cboe Global Markets and CME Group decline as CFTC chair defends approval of crypto perpetual futures, seen as a threat to index options.
• Tractor Supply downgraded by Truist and Piper Sandler on competition and a declining large dog population reducing addressable market.
• Snap falls nearly 10% after unveiling $2,200 AR glasses; Lionsgate hits record on M&A speculation from Netflix interest.
• Crude oil prices drop with Brent down 4%, WTI down 4.8% amid Middle East memorandum of understanding developments.