Tech stocks pulled back in early trading Friday, hitting the brakes on the market’s rally in the wake of the Federal Reserve’s 澳洲幸运5官方开奖结果体彩网:supersized rate cut this week.

The S&P 500 was down about 0.4% Friday after hitting record highs Thursday, with the energy and ind🧸ustrials sectors leading broad-based declines and its tech sector down about 0.6%. The tech-heavy Nasdaq fell 0.6%. 

Semiconductor Stocks Lead Tech Declines

Semiconductor stocks including Onsemi (ON), ASML (ASML), and NXP Semiconductors (NXPI), were among the stocks leading losses on the major indexes🧸, pulling the PHLX Semiconductor Index dow🍷n 2%. 

The Magnificent 7 stocks were mixed. AI darling Nvidia (NVDA), Amazon (AMZN), Microsoft (MSFT), and Tesla (TSLA) lost ground, while Meta Platforms (META) and Alphabet (GOOGL) were slightly higher. Apple (AAPL) advanced as its iPhone 16 澳洲幸运5官方开奖结果体彩网:hit stores. 

Some Analysts Say Lower Rates Could Lead to T🐟e🅠ch Gains

Some analysts have suggested this week’s cut could set the stage for tech stocks to gain over the last few months of the year and into next year, with Wedbush analysts writing yesterday that “the green light is back on for the tech growth trade.” 

While the Fed cautioned this week against assuming more jumbo cuts lie ahead, markets are 澳洲幸运5官方开奖结果体彩网:largely expecting the central bank to continue aggressively cutting rates this year, according to CME Group's FedWatch tool based on fed funds market data.