The tech-heavy Nasdaq Composite index (.IXIC) has rallied this year, helped by outsized gains in rate-sensitive megacap growth companies and hopes for an end to the U.S. Federal Reserve's tightening cycle.
The S&P composite 1500 passenger airlines sub index (.SPCOMAIR) dropped 3.45%, bogged down by a 9.7% fall in Alaska Air (ALK.N) after the airline's annual revenue growth outlook missed expectations.
Most of the 11 major S&P 500 sectors were subdued.
The S&P 500 earnings are now expected to decline 7.7% for the second quarter, as per Refinitiv data.
The S&P 500 posted 37 new 52-week highs and no new lows; the Nasdaq Composite recorded 74 new highs and 101 new lows.
Persons:
Steve Sosnick, Rishi Sadarangani, Whitney, Carolina Mandl, Bansari Mayur Kamdar, Johann M, Shinjini Ganguli, Shounak Dasgupta, Cynthia Osterman
Organizations:
GE, Pratt & Whitney, Dow, Nasdaq, Microsoft, Google, Interactive, U.S, Reserve, outsized, Boeing, Pratt, Airbus, Alaska Air, Dow Jones, General Electric, General Motors, 3M, NYSE, Thomson
Locations:
U.S . Federal, China, Sao Paulo, Bengaluru