The bloodletting in stocks is stanched as investors buy the dip and rotate out of tech
Source: Fortune ·
Investors also listened closely to Fed Chair Kevin Warsh’s speech at the IMF—and they liked what they didn’t hear.
From the source
After a grueling couple of days for tech stocks—propelled by drama and speculation around CoreWeave’s debt—traders bought the dip in the last 24 hours and stocks rose globally. U.S. futures are up before the open in New York, too. Much of the gains were in non-tech stocks. While the S&P 500 gained 0.33% yesterday, the tech-heavy Nasdaq was flat, and the equal-weight S&P was up a solid 1.36%. “378 names in the S&P 500 were higher on the day,” Deutsche Bank’s Jim Reid noted. The index remains within 1% of its record high. “The selling in tech has been stopped in its tracks, while the rotation into other sectors continues. Tech stocks aren’t out of the woods yet, but rotation of this kind is just what investors need to see, even if it is a deeply painful experience for tech fans,” Chris Beauchamp, the chief market analyst at trading platform IG told Fortune in an email. Words from Warsh did not sound harsh Investors also listened closely to Fed Chair Kevin Warsh’s speech at the IMF—and…