The S&P 500 and the Nasdaq lost ground on Thursday as tech stocks slipped, while the Dow moved above the 22,000 mark to hit a new record. The S&P tech index - which has been the best performer in 2017, with a 23 percent rise - was down 0.22 percent. Apple and Amazon were the top drags on the S&P and the Nasdaq. However, Tesla's 6.85 percent jump eased some pressure on the tech-heavy index after the luxury electric car maker reported quarterly revenue that more than doubled.
"The tech sector is going through a consolidation phase where people are taking some money away from big names and putting it towards underperformers," said Randy Frederick, vice president of trading and derivatives at Charles Schwab. 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.
At 12:34 pm ET (1634 GMT), the Dow Jones Industrial Average was up 8.31 points, or 0.04 percent, at 22,024.55 and the S&P 500 was down 4.89 points, or 0.19 percent, at 2,472.68. The Nasdaq Composite was down 11.62 points, or 0.18 percent, at 6,351.03. Nine of the 11 major S&P sectors were lower, with the energy index's 1.06 percent fall leading the decliners.
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