Tech Giants Tumble Anew in Momentum-Trade Unwind: Markets Wrap

Wall Street traders kept driving a rotation out of technology giants, whose all-weather earnings made them safe bets at times of economic uncertainty, and into a broader category of companies tuned to improving growth prospects. Bitcoin extended its selloff.

Stocks pared losses as nuclear talks between the US and Iran appeared on track after an earlier report said they had hit a snag. While the S&P 500 was mildly lower, most of its shares rose. The Nasdaq 100 slid 1.8%. Software firms got hit again, but losses were bigger among chipmakers.