Nasdaq Turns Firmly Lower As Investors Resume Tech Selling After Fed Moves

By Mark DeCambre Markets MarketWatch Pulse

The Nasdaq Composite Index Wednesday afternoon saw losses accelerate, as the Federal Reserve lifted key interest-rates a quarter-point, as expected, and detailed plans to reduce its $4.5 trillion balance sheet this year. The Nasdaq Composite Index was recently down 0.9%, which would wipe out Tuesday's gains and extend a downtrend for the technology-laden index, which has been under pressure amid persistent concerns that high flying tech names, including Amazon.com Inc. and Nvidia Corp. , are overvalued. Those names were trading lower after teasing earlier gains. The Nasdaq is on track to finish the session in the red three of the past four sessions. A popular exchange-traded fund that tracks the tech sector, the Technology Select Sector SPDR ETF was off 1%, led by losses in Qorvo Inc. and Western Digital Corp. . The drop in tech and a selloff in the energy sector were combining to drag the S&P 500 index down, while the Dow Jones Industrial Average was bucking the trend, up a modest 0.1%.

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