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S&P 500 Falls 2.6% Last Week as Investors Rotate Out of Tech Into Healthcare and Finance

GateNews
IndicesStocks
According to MarketWatch, the S&P 500 declined 2.6% last week, marking its largest weekly drop in over a year, while the Nasdaq Composite fell 4.18%. Amid the tech selloff, investors rotated capital into healthcare, financial, and consumer stocks, with healthcare rising 2.3%, financials up 1.3%, and consumer staples climbing 1%. The shift followed May's stronger-than-expected non-farm payroll report, which pushed the 10-year U.S. Treasury yield to 4.537%, its highest level in two weeks. Interactive Brokers Chief Strategist Steve Sosnick noted that tech stocks have occupied excessive market space, with companies like Alphabet choosing stock issuance over debt financing due to rising rates, elevating valuation risks for the sector.
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