The rotation from technology to value that saw the NASDAQ lose 4.4% last week continued into trading today with the NASDAQ shedding another 2.5% while the 30 stock Dow finished with a small gain. Tech has been leading the way for most of the pandemic, but the recent move higher in interest rates in giving traders pause.
At the close:
In corporate news shares of Boeing were 3% lower after the engine malfunction that occurred over the weekend in Denver as United grounds their other Boeing 777 jets for inspection. Kohls rallied 10% before closing with a gain of 7% after a group of activists took a stake in the company. Tesla opened lower at dropped 9% which may be related to their large stake in Bitcoin which had a volatile day.
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