Nasdaq plunges on dwindling tech; inflation concerns press
The Nasdaq ended its session negatively, while the S&P 500 made minimal movements on Wednesday. This could be attributed mainly to investors’ withdrawal from technology shares, with concerns about inflation contributing to stocks’ weak performance.
Technology shares declined the most, greatly dragging the tech-heavy Nasdaq and the S&P 500. Apple Inc, Paypal Hodings Inc, and Nvidia Corp came as the biggest decliners, sending the S&P 500 index 1% lower.
The Dow Jones Industrial Average jumped, rising above its Wall Street peers as it gained support from Verizon Communication Inc and Chevron Corp. Verizon shares climbed 5.2%, while Chevron tallied a 3% increase. These gains followed after Warren Buffet’s Berkshire Hathaway Inc announced major investments in the companies.