The stock market retreated today following a brief two day rally as investors reacted to mixed signals from corporate earnings and economic data. Major indexes including the S&P 500 and Nasdaq Composite fell as technology stocks led the decline. Despite reporting blockbuster quarterly results, Nvidia saw its shares drop, signaling that investors were cautious about future growth prospects.
Profit taking and sector rotation contributed to the pullback as traders moved away from high valuation technology names. Other big tech companies also experienced declines, adding to the pressure on the overall market. Some sectors such as financials and defensive stocks offered limited support, but the strength was not enough to offset losses in technology.
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