Now technology stocks are treading water while the rest of the market is struggling. Talk about a reversal.
The Nasdaq Composite was hovering around breakeven, while the S&P 500 was down 0.1%. The Dow was down 57 points, or 0.1%.
This is the opposite of how the day started, when technology stocks languished and the rest of the market was up slightly. The moves aren’t substantial because traders don’t have a lot of confidence that things will move decidedly in either direction—at least until we get the August employment report on Friday.
Technology, communication services, and utilities were the only major sectors in the S&P 500 still on track to rise on the day. Energy, health care, and materials were all down more than 0.3%.
You can expect the sideways trading to continue until the market finds its next catalyst.