“S&P 500 erases 1.5% rally, turns negative amid a big drop in tech shares”
May 27, 2020
“The S&P 500 traded marginally lower after rallying 1.5% to start the session. Earlier in the day, the broader-market index broke above its 200-day moving average — a key level watched by traders — and briefly traded over 3,000. The S&P 500 has not closed above 3,000 since March.
The Nasdaq Composite dropped 1.3% as Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all slid at least 0.3%. The Dow Jones Industrial Average remained up by 158 points, or 0.6%, but was well off its session high.
Stocks that benefited from people staying at home struggled on Wednesday as investors rotated out of those names. Zoom Video and Netflix dropped 8.1% and 3.3%, respectively. Shopify, Amazon and Teladoc Health fell 9.6%, 3.2% and 8.9%, respectively…”
https://www.cnbc.com/2020/05/26/stock-market-futures-open-to-close-news.html