Tech Stocks Retreat With Megacap Earnings in Focus: Markets Wrap
- Big week for tech results including from Alphabet, Apple
- The majority of companies have beaten estimates so far
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U.S. technology stocks fell as investors turned their attention to a batch of earnings from industry heavyweights that have helped drive the market to all-time highs.
The Nasdaq 100 dropped for the first time in three sessions, weighed down by declines in tech heavyweights including Tesla Inc. and Alphabet Inc. The S&P 500 closed little changed after swinging between gains and losses throughout the day. United Parcel Service Inc. soared to a record after beating Wall Street’s profit estimates.