Tech Stocks Weaken as Global Equity Rally Loses Steam

The global equity rally is losing momentum near record highs as technology shares weaken. Deutsche Bank strategists say that despite strong corporate earnings, the S&P 500 edged lower and the Nasdaq underperformed.

The Philadelphia Semiconductor Index gave back some recent gains, down 1.40% after AMD's guidance failed to meet market expectations.

Nvidia stood out as a notable exception, with its stock up 3.43%, benefiting from positive commentary around its next-generation Rubin architecture and its exclusive use by SpaceX in AI chips.