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

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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