June 23, 2021

Stocks trade sideways as technology shares steady

Stocks hugged the flat line on Tuesday, with the indexes stabilizing after dropping during Monday’s session. Technology stocks outperformed slightly after lagging a day earlier.  

The S&P 500 drifted after the index posted its first decline in three days during Monday’s regular trading day. The Nasdaq edged slightly higher, while the Dow fluctuated between small gains and losses. Walmart (WMT) shares gained more than 2.5% after the company posted first-quarter earnings that handily exceeded estimates and raising full-year guidance. 

Technology stocks have fluctuated between steep gains and losses over the past several weeks, with concerns over inflation and higher rates threatening to weigh on valuations of high-growth stocks. The information technology sector has increased by just 3.4% for the year-to-date through Monday’s close, far underperforming the broader index’s 10.8% gain…

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