Tech stocks are suffering despite little change in the outlook, and the broader market is falling in their wake.
The stock market has started to show signs of rising concern in September, with investors no longer seeing major benchmarks moving straight up. The S&P 500 (SNPINDEX: ^GSPC) fell 22 points to 3,335, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 94 points to 10,816. Today, for instance, market participants are referring to something called "quadruple witching" as having a possible impact on stocks.
Wall Street's three main indexes bounced earlier this week as investors bet on a loose monetary policy by the Federal Reserve, but gains petered out in the absence of firm details on the central bank's stimulus plan. The S&P 500 and the Nasdaq have also come under pressure from investors rotating out of high-flying tech-related stocks and into industrial and transportation firms. "There's no urgency to sort of step-up-and-buy the market because a lot of people have many questions about coronavirus, the election, the Federal Reserve and the lack of fiscal stimulus, and then there are questions about valuations," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.