More losses as tech sinks Wall Street

Losing streak for S&P 500 longest since early January

NEW YORK — Sinking technology stocks sent

Wall Street lower again on Wednesday, and the S&P 500 fell to its fourth straight loss.

The index dipped 29.20 points, or 0.6 percent, to 5,022.21 for its longest losing streak since early January. It’s down 4.4 percent since setting a record late last month.

The Dow Jones Industrial Average slipped 45.66 points, or 0.1 percent, to 37,753.31, and the Nasdaq composite sank 181.88, or 1.1 percent, to 15,683.37.

Tech stocks slumped after ASML, a Dutch company that is a major supplier to the semiconductor industry, reported weaker orders for the start of 2024 than analysts expected. Its stock trading in the United States slumped 7.1 percent.

Nvidia dropped 3.9 percent, and Broadcom sank

3.5 percent to serve as the two heaviest weights on the S&P 500.

The losses also came despite easing pressure from the bond market, which has been dictating much of Wall Street’s action lately. Sharp tumbles for oil prices lessened investors’ worries about inflation, which helped Treasury yields ease.

The 10-year Treasury yield sank to 4.58 percent from

4.67 percent late Tuesday. The two-year yield, which moves more closely with expectations for the Fed, fell to 4.92 percent from 4.99 percent.

They gave back some of their big recent gains driven by traders giving up on hopes for imminent cuts to interest rates by the Federal Reserve.

Yields on Tuesday had returned to where they were in November after officials at the Federal Reserve suggested the central bank may hold its main interest steady for a while. It wants to get more confidence that inflation is sustainably heading toward its target of 2 percent. Its main interest rate has been sitting at its highest level since 2001.

High interest rates hurt prices for investments and increase the risk of a recession, but Fed officials are concerned after a string of reports this year has shown inflation remaining hotter than forecast.

With little near-term help expected from an easing of interest rates, companies will need to deliver fatter profits to justify their big runs in stock price since autumn.

“I think markets are waiting on corporate news to decide where they’ll head next,” said JJ Kinahan, CEO of IG North America.