US Stocks Boosted by Recovering Technology Shares

Materials rallied 1.2% on strength in construction stocks, while tech was up 0.8% and financials gained 0.4%. Long-term bullish trend investors were probably excited by new all-time highs from the major stock indexes.

TOKYO: Asian stocks fell, with electronics heavyweights such as Samsung Electronics knocked lower by the slide in US tech shares and caution ahead of this week's US Federal Reserve policy meeting.

Apart from technology stocks, mining shares were out of favour in Britain, but gains for oil companies, Royal Dutch Shell and BP offset some of the heavy losses.

At 9:40am ET (1340 GMT), the Dow Jones Industrial Average was down 16.93 points, or 0.08 per cent, at 21,255.04. Dow Chemical rose 2 percent. Amazon.com rose 0.7 percent, after recording losses for the past two days, and gave the biggest boost to the consumer discretionary index .SPLRCD . The technology-based NASDQ Composite ended the week at 6,208, down 1.6%. The index had reached a 15-year high earlier this month and has soared around 40 per cent over the last year.

Last week's price action was triggered by a number of events including divergences in sector performance and political news, both domestically and internationally.

Big technology names such as Mircosoft MSFT.O , Facebook FB.O , Netflix NFLX.O and Alphabet GOOGL.O were in the red.

"Money is finding home in unloved sectors like financials and energy", Hogan said.

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It comes as the Attorney General Jefferson Sessions is getting questioned by the Senate's select committee in intelligence on Russian ties.

An ebbing of the reflation trade that was based on U.S. President Donald Trump's tax and spending promises, and a run of negative USA economic surprises, have prompted some investors to review the mix of their portfolios. On the Nasdaq, 1,587 issues fell and 1,227 advanced.

The pan-European STOXX 600 was down 1 percent, while MSCI's gauge of stocks across the globe was down 0.3 percent.

"I think the sector rotation could go on for a while". Maybe not the same magnitude in the NASDAQ, but it should see the most downside pressure, followed by the S&P 500 Index then the Dow.

S&P 500 e-minis were down 4 points, or 0.16 percent, with 143,151 contracts traded.

Tuesday's market action reflected "a continuation of running up some of the areas that have not participated over the course of the last few months in combination with some speculation that the Fed is going to be more resolute about raising rates than investors had begun to anticipate in the bond market", said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland. "I don't sit in the camp that we will see a prolonged pullback in USA tech, but there is a good chance this hot sector now underperforms and I had been suggesting increasing exposure to USA financials as a trade", Chris Weston, chief market strategist at IG in Melbourne, wrote in a note.

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