Tech Stocks Drag Down S&P 500, While Other Sectors Show Gains
Wall Street experienced mixed results Wednesday, with technology stocks pulling down the S&P 500 for its fifth loss in the last six days, while other sectors saw gains. The S&P 500 fell 0.5%, while the Dow Jones Industrial Average rose 260 points, or 0.5%, and the Nasdaq composite sank 1.5%, according to Fortune.
The decline in the S&P 500 was primarily attributed to the poor performance of technology stocks, even as more than twice as many stocks rose within the index than fell, according to Fortune. Advanced Micro Devices (AMD) experienced a significant drop of 17.3%, despite reporting stronger-than-expected profits for the latest quarter and providing a revenue forecast for the start of 2026 that topped analysts' expectations, according to Fortune. Investors may have reacted to the stock's doubling in value over the previous 12 months, according to Fortune.
In other news, Disney leader Bob Iger delivered his final historic announcement as head of the esteemed entertainment corporation with the promotion of Josh DAmaro to CEO and Dana Walden to President and Chief Creative Officer, according to Fortune. They are part of a media leadership succession dream team, groomed from within in a classic succession process of trial assignments, leading to proven competence and credibility, according to Fortune. Iger's era at Disney was marked by transforming the company from a traditional media and entertainment institution into a dynamic force across entertainment, experiences, and sports, capable of contending with digitally native competitors, according to Fortune.
The economy continues to be divided, with wealthier Americans generally experiencing positive economic conditions, while lower-income households face challenges from inflation and a slow hiring market, according to Fortune. Economists have cited rising stock prices and home values, which primarily benefit wealthier Americans, and inflation, which has manifested in higher grocery and restaurant prices, as factors driving this inequality, according to Fortune. Consumer spending patterns also diverge significantly depending on demographics, according to Fortune.
In other news, whole milk consumption has been on the upswing in recent years, according to Vox.
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