Tech rout puts Nasdaq on pace for 1st monthly loss in 2017 as stock market ends lower
Wednesday, 28 June 2017 03:20 WIB |
MARKET UPDATE |DOW JONESS & P 500 Standard & Poor's 500Saham ASNasdaq
Carnage in technology shares put the Nasdaq Composite on track for its first monthly decline in 2017, as a delay in a key health-care bill in the Senate casts doubt on President Donald Trump's pro-growth agenda. GOP senators postponed a vote on the controversial bill to overhaul so-called Obamacare until after the July 4 holiday.
The Nasdaq Composite Index closed off 1.6%, marking its worst daily decline since June 9th, when tech suffered a 1.8% collapse. The S&P 500 ended off 0.8% at 2,419, while the Dow Jones Industrial Average finished off 0.5%. Selling in health-care related sectors, particularly in biotech, which would presumably be the most affected by the legislation was the most pronounced.
The exchange-traded iShares Nasdaq Biotechnology ETF ended 2.8%, representing its steepest one-day drop since a 3% drop on Jan. 11. Health-care related ETF, the Health Care Select Sector SPDR ETF closed down 0.9%. Meanwhile, the tech-focused Technology Select Sector SPDR ETF wrapped up off 1.6%, its worst daily drop since June 9.