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Nasdaq drops 1% as tech and gold stocks weigh on sentiment
Nasdaq dropped 1% as profit booking in technology and gold stocks overshadowed strong earnings, with Palantir sliding 7% despite upbeat revenue guidance.
The Nasdaq Composite fell by 1% as technology and gold-linked stocks came under selling pressure, erasing earlier gains from strong quarterly results. Shares of Palantir Technologies declined almost 7% amid valuation concerns, despite upgraded revenue guidance for FY2025. Broader weakness in semiconductor and software segments extended to other indices, with the S&P 500 also closing lower. Market analysts attribute the slide to investor rotation toward defensive assets and caution ahead of Federal Reserve communication, suggesting profit booking following a sustained rally in large-cap technology shares.