It was a mixed session for stocks on Thursday, with market participants reducing exposure to tech names and boosting bets on cyclical plays. The main indexes failed to make any major moves, though, as caution took hold ahead of a key jobs report and the start of fourth-quarter earnings season.
Technology was the worst-performing S&P 500 sector today, shedding 1.6% as several Magnificent 7 stocks slumped. Most notable was Nvidia's (NVDA) 2.2% drop, which came after Stifel analyst Ruben Roy said following an investor meeting with the chipmaker's chief financial officer, Colette Kress, that the company is "still cautious" toward China.
