Gains in Financial Shares Fail to Encounter Technology Selloff, SP500 Index Plunges

U.S. shares reversed lower on Thursday after having soared on the previous session. Stock markets in the U.S. once again dragged down by shares of technology sector even though banking equities rallied.

The S&P 500 Index slumped and resumed its selloff after the best rally in two months recorded on Wednesday. The technology sector dropped the most out of 11 sectors of the stock benchmark index, losing more than 1 percent and contributing to a plunge of more than 0.3% in overall performance. Shares of Microsoft Corp. and Google-parent Alphabet Inc. led losses, shedding 1.13% and 1.9%, respectively.

There were only two sectors were trading in the green, including financial shares. Helping to limit the broader market’s decline, shares of banks jumped after the U.S.’s 34 biggest banks passed the Federal Reserve’s stress test and received green lights for plans to return capital to shareholders. Among the biggest gainers, shares of Citigroup Inc. gained 3.54% while those of Goldman Sachs soared 2.11% and Morgan Stanley climbed 1.97%.

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