The Nasdaq Composite fell sharply on Wednesday as Wall Street shed riskier tech and consumer discretionary stocks.
The tech-heavy index fell 0.8%. The S&P 500 dropped 0.4%. The Dow was down 140 points, or 0.3%.
Exchange-traded funds focused on risk, momentum, and small-caps were among the biggest losers. Growth stocks were also struggling. Instead, it was low volatility and dividend stocks that were rising, suggesting a rotation away from risk and recent winners after a big run this year.
At the sector level, consumer discretionary, industrials, tech, and communication services were struggling, while health care, consumer staples, and energy were all up 0.8% or more.
Netflix was the biggest loser in the S&P 500, followed by GE Vernova, Coinbase Global, and Robinhood Markets. The latter two got slammed as the price of Bitcoin dropped 2.1% in the past 24 hours to $107,863.