S&P 500 drops 1.74%: tech sector hit, energy holds firm

Sandisk plummets as tech sector dives

Tech stocks were heavily penalized during the session on March 26. Sandisk Corporation recorded the largest drop in the S&P 500, losing 11.02% to $603.17. The electronic technology specialist was not the only one to suffer: Applovin Corporation fell by 10.41% to $391.21, while Lam Research Corporation declined by 9.35% to $211.62. Arista Networks dropped 9.23% to $122.55. Even Meta Platforms wasn't exempt from the downward trend, retreating by 7.96% to $547.54. Manufacturers were also affected, with Applied Materials down 8.34% to $338.55 and Seagate Technology Holdings losing 8.33% to $378.79.

Energy and Brown Forman Lead the Gains

Against the market trend, some stocks managed to stand out. Brown Forman Inc led the gains with a surge of 9.58% to $25.74, buoyed by the non-durable consumer products sector. The energy sector showed particular resilience: Valero Energy Corporation rose by 5.80% to $248.14, while Occidental Petroleum gained 4.06% to $64.36. ConocoPhillips advanced 3.35% to $133.25, and Diamondback Energy was up 3.15% to $202.19. Best Buy Co. also distinguished itself in retail with an increase of 4.65% to $63.21, and Gartner climbed 4.24% to $156.60 in the technology services sector.

A Session Marked by Sectoral Contrasts

March 26th highlights the divergence in sector performance within the US market. The S&P 500 closed at 6,477.16 points, down 1.74%, showcasing a stark contrast between the weakness in technology and electronics stocks and the resilience in energy minerals. Investors clearly favored energy-related sectors while heavily shifting away from tech and manufacturing producers. The range of movements, with fluctuations exceeding 10% in both directions, demonstrates the persistent volatility in the markets.