Sinking technology stocks sent Wall Street lower again, and the S&P 500 fell to its fourth straight loss. The index dipped 0.6% Wednesday for its longest losing streak since early January. The Dow Jones Industrial Average edged down by 0.1%, and the Nasdaq composite fell 1.1%.
The weakness for tech overshadowed stronger-than-expected profit reports from some big companies, including United Airlines. It soared 16.7% after reporting stronger results for the start of the year than analysts expected, lifted by strong demand from business fliers. They gave back some of the big recent gains driven by traders giving up hopes for imminent cuts to interest rates by the Federal Reserve.
Traders are now mostly expecting just one or two cuts to interest rates from the Federal Reserve this year, according to data from CME Group. That’s down from forecasts for six or more at the start of the year. Travelers slumped 7.7% after the insurer’s quarterly results fell short of forecasts. It had to contend with more losses from catastrophes.
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