The S&P 500 index closed down 0.9%, dropping for the sixth straight session and the third straight week, leaving it more than 5% below its March 28 closing high. The Nasdaq 100 declined 2.1%, and recorded the deepest weekly drop since November 2022.
The appetite for tech stocks has been relentless this year, with an index of Magnificent Seven notching additional almost 12% so far in 2024. And the latest fund flow data shows global investors are adding to their bets.