"Tech slumps, energy jumps" was the neat summation of the action on US equity markets overnight - Dow down -166-points or -0.68%, relinquishing its biggest intra-session points gain since 21 February (+286-point/+1.2%) The broader S&P500 shed -0.86% after gaining +0.85% earlier in the session, with a +1.3% gain for the Energy sector not enough to offset declines in Information Technology (down -1.45%), Consumer Discretionary (-1.29%) and Financials (-1.26%). Indeed, Financials sector logged its 13th straight session decline to extend what has already been the longest losing streak in history. NASDAQ -1.54%, with Amazon.com Inc (down -1.8%) and Google-parent Alphabet Inc (-1.4%) among the key drags on the technology-centric index. US equity markets initially rallied following reports that the Trump administration has backed away from invoking executive authority to impose a tough crackdown on Chinese investments in the US. A senior administration official said President Trump will rely on existing laws rather than alternative, harsher measures that were feared to spark a dispute between Washington and Beijing.
