While tech stocks underperformed the broader US market, they helped European stocks snap a four-day streak of declines. — AFP pic
Earlier data from the ADP National Employment Report showed private payrolls rose by 428,000 jobs in August, well short of expectations as the government’s aid to support workers and employers runs out. While July’s data was revised higher, the report indicated a slowing in the labor market recovery.
“What you’re seeing today is a bit of a rotation,” said Lindsey Bell, chief investment strategist at Ally Invest. “Unless you really think tech is going to completely crash it can take a breather and allow some of the other value oriented and cyclical sectors to take the reins for a while.” While tech stocks underperformed the broader US market, they helped European stocks snap a four-day streak of declines. Tech shares jumped 1.98 per cent to close at the highest in more than 19 years.
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