The technology sector were more or less flat as investors rotated out of the leaders of the last bull market into "value stocks" that are cheaper, as measured by earnings.
Stocks such as Microsoft, Apple, Google parent Alphabet and Amazon.com had a historic run-up in the last three years, leading to a concentration of capital in the largest five stocks in the Standard & Poor's 500 to a greater degree than any other time on record.
These companies held much of their value during the Covid-19 lockdown amid a perception that activity in the digital world increased even as it ground to a halt in the real world.
Another talisman of the digital world, Zoom Video Communications, continued its recent retreat.
Software maker Adobe reported several major and minor issues with its services Wednesday, including glitches on its Experience Cloud platform.
Write to Rob Curran at rob.curran@dowjones.com
