S&P 500 Wipes Out Gains as Most Megacaps Slide: Markets Wrap.

EUROPEAN Central Bank; BOARD of Governors of the Federal Reserve System (U.S.); STANDARD & Poor's 500 Index; STOCK prices; U.S. dollar; DOW Jones industrial average; RUSSELL 2000 Index; CENTRAL banking industry

The S&P 500 experienced a decline in gains as major technology companies such as Apple, Microsoft, and Amazon sold off. However, smaller firms and those outside the technology sector saw an increase. The Federal Reserve's potential rate cut contributed to this rotation. Economic figures, including a rise in US initial jobless claims, further supported the case for a rate cut. The European Central Bank is also considering a rate cut in September. [Extracted from the article]

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