"In what's shaping up as a rotation out of technology names, the Nasdaq Composite has been left out of the broader market rally this week. After yesterday's impressive trading session in which the Dow Jones Industrial Average and S&P 500 both clinched new highs, the broader markets are looking to take more ground while tech remains sidelined. As for the Nasdaq Composite, it is eyeing a 22% gain year-to-date before any potential Santa Claus rally grips the technology sector if sentiment can be reversed."
"Yesterday's broader market gains came on the heels of a sharp sell-off in software giant Oracle ( Nasdaq: ORCL). At its lowest, Oracle shaved off roughly $100 billion in market cap in yesterday's trading session alone, denting Larry Ellison's net worth to hover at $258 billion. Separately, Broadcom ( Nasdaq: AVGO) stock is sinking 9% after yesterday's earnings print, taking the baton from Oracle as the biggest drag on the sector."
The broader market rally left the Nasdaq Composite trailing as investors rotated out of technology names while the Dow and S&P reached new highs. The Nasdaq still eyes a 22% year-to-date gain ahead of any potential Santa Claus rally if sentiment reverses. A sharp sell-off in Oracle erased roughly $100 billion in market cap and lowered Larry Ellison's net worth to about $258 billion. Broadcom fell about 9% after its earnings print and became the largest drag on the sector. Bank of America raised its AVGO price target to $500 from $460 with a buy rating. Wedbush analysts view President Trump's executive order to avoid AI patchwork legislation as a benefit for major AI and tech firms by streamlining federal AI frameworks and reducing regulatory friction. Netflix was among a few tech stocks trading higher, up roughly 2.3%.
Read at 24/7 Wall St.
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