MarketPR
$FIAT-denominated equity markets took a broad hit Wednesday as a tech-led pullback dragged the Nasdaq Composite down more than 1.5% and the S&P 500 roughly 1%, according to a market note from Danske Bank.
The STOXX 600 joined the decline, extending losses across European bourses.
Analysts at the Danish lender pointed to profit-taking, rising bond yields, and stretched valuations in the technology sector as the primary drivers.
Mega-Cap Tech Bears the Brunt The sector that carried markets higher over the past year led them lower Wednesday. Mega-cap names tied to artificial intelligence and cloud computing faced the heaviest selling pressure.
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