Tech Leads the Market Rally as Dow Drops; Walmart Slides on Legal Woes

The Dow is down 100 points, or 0.3%, as blue-chip stocks face selling pressure. Investors appear cautious about economic growth prospects, with little appetite for defensive sectors.

Major indices are showing mixed performances on Friday morning. The Dow Industrials have declined, pressured by defensive sectors and blue-chip stocks. However, the S&P 500 and Nasdaq Composite are showing gains, driven by technology and communication services stocks.

The Dow is down 100 points, or 0.3%, at 34,000. The S&P 500 is up 0.3% at 4,426, while the Nasdaq is up 0.6% at 15,100.

Investors are watching the indices closely, particularly in relation to economic growth prospects and the appetite for defensive sectors.

Among the major sectors, technology is leading the market with a 0.82% gain. Broadcom is surging 4% and continuing its rally, while Qualcomm is up 1.7% after resolving a legal dispute over processor licensing.

Communication services are also performing well, rising 1.06%, with strong performances from large-cap tech firms contributing to the gains.

On the other hand, consumer staples are showing the weakest performance with a 1.28% decline. Walmart is sliding 3.3% following legal allegations related to delivery fees. Energy is down 0.15%, while materials have declined 0.65%, adding to the weakness in defensive sectors.

Healthcare is posting marginal gains of 0.11%. Eli Lilly rose 1.7% after the FDA approved its weight-loss treatment targeting sleep apnea. However, competitors ResMed and Inspire Medical have each fallen by about 4%.