QQQ Falls 1.34% as Tech Lags; Eight of 11 Sectors Advance
QQQ fell 1.34% on Oct. 8 and SPY slipped 0.42% while DIA edged up 0.12%; Technology fell 1.79% and ORCL dropped 5.48% as eight sector funds rose.
Thursday, Oct. 8, brought a split session for U.S. stocks. QQQ fell 1.34% to 747.58, a decline of 10.15 points, and SPY slipped 0.42% to 773.93. DIA edged up 0.12% to 511.65, and the small-cap IWM was nearly unchanged, down 0.05% at 277.57.
Most sectors finished higher even as technology declined. Eight of the 11 sector funds gained, led by Energy (XLE), up 2.97% to 65.24, and Consumer Staples (XLP), up 2.11% to 83.42. Financials (XLF) rose 0.89% and Communication Services (XLC) added 0.73%. Technology (XLK) fell 1.79% to 197.78, the weakest sector, while Health Care (XLV) slipped 0.39% and Utilities (XLU) eased 0.19%. The gap between XLE and XLK was 4.76 percentage points. DIA was the only index fund to finish higher, adding 0.63 points.
ORCL led the large-cap decliners. It dropped 5.48% to 135.69, AVGO fell 4.35% to 360.14 and AMD declined 3.90% to 620.68. NVDA lost 2.94% and AMZN fell 2.26%. On the upside, ACN rose 5.96% to 208.36, PM gained 4.05%, LOW added 4.03%, PEP rose 3.73% and ADBE gained 3.56%.
Headlines described the technology weakness as an AI-related selloff. CNBC published “Cramer says Thursday's AI sell-off proves the value of this age-old investing strategy,” and Barron's daily wrap was titled “Review & Preview: Rattling the AI Cage.”
The VIX closed at 15.41, and the 10-year Treasury yield stood at 5.22%, according to FRED data.
Data
| Instrument | Close | Change |
|---|---|---|
| SPY | 773.93 | -0.42% |
| QQQ | 747.58 | -1.34% |
| DIA | 511.65 | +0.12% |
| IWM | 277.57 | -0.05% |
Data: FMP, FRED. Figures are close-to-close unless stated.
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Neutral market summary for information only; not investment advice.
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