US equities saw sharp intraday declines in tech but rebounded, with the S&P 500 closing down 0.26% as defensive sectors gained.
The S&P 500 erased most of a 2.27% intraday drop to finish 0.26% lower, while the NASDAQ closed 0.97% down after a tech-led selloff reversed. Semiconductors and the Mag-7 underperformed, with the Philly semiconductor index down 1.93% after hitting an 8.62% intraday low.
Despite the tech slump, nearly 75% of S&P 500 constituents rose, and the equal-weighted index gained 0.76%. The rotation into defensive sectors offset losses in AI and tech-heavy stocks, though no clear catalyst for the selloff emerged.
Futures pointed to a weaker open the following session, with S&P 500 futures down 0.28% and NASDAQ 100 futures 0.45% lower.