S&P, Nasdaq Slip as Tech Weighs; Dow Hits Record

S&P, Nasdaq Slip as Tech Weighs; Dow Hits Record
Quarterly earnings remain in the spotlight to see if valuations are justified, especially with the S&P 500 trading
at around 18 times earnings estimates for the next 12 months, well above its long-term average of 15 times.
ET (1500 GMT), the Dow Jones Industrial Average was up 12.84 points, or 0.06 percent, at 22,029.08, the S&P 500 was down 3.26 points, or 0.13 percent, at 2,474.31
and the Nasdaq Composite was down 10.08 points, or 0.16 percent, at 6,352.57
(Reuters) - The S&P 500 and the Nasdaq lost ground in late morning trading on Thursday
as tech stocks slipped, while the Dow moved above the 22,000 mark to hit a new record.
Randy Frederick said that The tech sector is going through a consolidation phase where people
are taking some money away from big names and putting it towards underperformers,
Earnings of S&P 500 companies are now expected to have climbed 11.4 percent in the second quarter, up
from an 8 percent rise estimated at the start of the month, according to Thomson Reuters I/B/E/S.