Market overview 2024-03-11

The ongoing selling in the Technology and Communications sectors led to a 0.4 percentage point decline in the major U.S. stock indices, however, the blue-chip Dow Jones index managed to maintain a positive charge, closing just above the zero mark. The participants continue to reduce their accumulated long positions in the technology giants, shifting free cash into undervalued assets in the Pharma and Consumer sectors. The reporting season is not over yet and not all the tech giants have performed yet, so this profit taking by the participants may be premature.