S&P 500 rally streak ends as tech 7 giants sell off on biggest scale in nearly a year

The SP 500's longest winning streak since November last year came to an abrupt end on Thursday, as investors sold off the largest "tech seven" in nearly a year. Investors pulled out of this year's winners as inflation data prompted bets that the Federal Reserve will cut interest rates as soon as September, pushing the ASUS MSCI US Momentum Factor ETF to its worst performance since May. The turmoil brought some extraordinary data, with the SP 500 falling 1 percent, even though 400 of the index's constituents rose. The benchmark index, which excludes market-capitalization weights, rose 1.2 percent, outperforming the weighted index by the most since November 2020. The Russell 2000 small-cap index rose 3.2 percent, its best performance since March 2020 compared with the SP 500 index.