The S&P 500 had its worst session since late April as investors dumped Big Tech stocks.
U.S. stock futures were little changed Thursday night after the S&P 500 had its worst session since April, dragged lower by investors' rotation out of mega-cap tech stocks.lost 1.95% Both indexes broke seven-day winning streaks, and they suffered their worst day since April 30. Investors sold their Big Tech winners, pushingOn a weekly basis, the Dow is also beating the other two major averages, up nearly 1%. The S&P 500 is up 0.
The market rotation during the session is "a taste of what's going to happen the second half of the year," Warren Pies, strategist and cofounder of 3Fourteen Research, said on CNBC's " The upcoming corporate earnings season and a credit expansion narrative will power the market to the end of the year, he added.
"We've had a pretty strong economy in a lot of ways over the last few years, but there are pockets that are really restrained by Fed interest rate policy," Pies said. He noted that as central bank policymakers cut rates, corners of the economy that have been "dormant," such as existing home sales and new auto sales, will "reawaken."
On the economic front, traders will be looking toward June's producer price index results. July's preliminary consumer sentiment numbers from the University of Michigan are also due.
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