US Stocks End The Week With A Sell-off

It was the first such weekly streak for the Nasdaq since August 2019.

Apple Inc, Microsoft Corp, Amazon.com Inc and Alphabet Inc, which helped to fuel the rally off the March lows, were among the biggest drags on the S&P 500 and Nasdaq.

Friday marked the quarterly expiration of U.S. stock options, stock index futures and index option contracts, known as "quadruple witching." The expirations tend to bring about increased trading volume at the market close and feed into market volatility.

Strategists said investors appeared to be continuing a recent rotation out of high-flying tech-related stocks and into other sectors.

"It looks to be sentiment driven and, to some extent, it appears to be rotational to us," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.

"We're not sure this really indicates there's a problem with economic growth, but rather, it's some profit-taking, some adjustment and rotation" between sectors, he said. "You're moving from the biggest weights in the market to the smallest weights."

The S&P materials is the best-performing sector so far this month, while heavily weighted S&P technology is the worst.

The S&P 500 fell 1.12 percent to 3,319.46, the Nasdaq Composite lost 1.07 percent to 10,793.28 and the Dow Jones Industrial Average fell 0.88 percent to 27,657.42.

For the week, the S&P 500 fell 0.65 percent, the Dow slipped 0.03 percent and the Nasdaq declined 0.56 percent. (Reuters)