Big Tech Bets Hit by Rotation as Small Caps Rally: Markets Wrap

Sharp cross-currents buffeted US stocks beneath a placid surface Thursday, as last year’s technology winners sold off and investors dove into energy producers, consumer companies and small caps. An advance in global bonds stalled.

The Nasdaq 100 slid 0.6%, ending a three-day advance as tech behemoths Nvidia Corp. and Apple Inc. slumped while the S&P 500 was little changed. Defense shares jumped on President Donald Trump’s plan to ramp up military spending while a gauge of small-cap stocks surged to a record as investors continued to rotate out of tech.