The technology-heavy Nasdaq Composite Index, which comprises stocks such as Amazon, Apple, Netflix and Google, closed at 17,732 for a loss of 0.8% on the day. For the week, Nasdaq fell 3.6% - the most for a week since late April.
The S&P 500 Index, which tracks stocks of the top 500 US companies, settled at 5,508 for a decline of 0.7% on the day. For the week, the S&P lost 2%, also the most for a week since late April.
The Dow Jones Industrial Average, the broadest indicator for US equity markets, finished at 40,288 for a deficit of almost 1%. The Dow was the outlier of the week, rising 0.7%, after back-to-back gains of 1.6% and 0.7% in the prior two weeks.
“Through the first half of this year, large caps carried the market,” Alan Wynne, investment product specialist at JPMorgan Wealth Management, said in reference to large-capitalized stocks. “Since the midpoint, however, the tables have turned.”
Wynne said the S&P and Nasdaq outperformed small-cap stocks by more than 16% and 18%, respectively, in the first half of the year.
In the second half, small-cap shares have rallied over 9%, compared to just over 2% for the S&P and less than 1% for the Nasdaq.