The S&P 500 fell marginally over two days, its worst stretch since March, as tech stocks lagged while broader market strength emerged.
The S&P 500 closed 0.07% lower after erasing most of an earlier 0.75% decline, as geopolitical tensions eased late in the session. The index recorded its worst two-day performance since March, down 1.31% from Thursday’s record high, with tech and the Magnificent 7 underperforming.
The NASDAQ dropped 0.51%, while the Magnificent 7 slid 0.64%, reflecting sector-specific weakness. However, the equal-weighted S&P 500 rose 0.58%, signaling broader market resilience despite the pullback. Treasury yields stabilized near 4.63%, their highest level in over a year.
The late-session recovery followed reports that planned strikes on Iran were called off, reducing risk aversion. Still, the tech-led decline contrasted with gains in smaller-cap stocks, highlighting a rotation beneath the surface.