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Renewed pressure | A renewed selloff in the world's largest tech companies dragged down the stock market, overshadowing economic data that bolstered confidence the Federal Reserve will be able to engineer a soft landing. About 300 companies in the S&P 500 advanced — but the index itself sank below 5,400. While economically sensitive groups such as energy, industrial, and financial shares rose, the tech sector saw renewed pressure. The Russell 2000 climbed 1.3%, while a measure of the “Magnificent Seven” megacaps fell 1.1%. Treasury 10-year yields fell to 4.24%. The US economy grew by more than forecast in the second quarter: GDP increased at a 2.8% annualized rate in the April-June period after rising 1.4% in the previous quarter. The economy's main growth engine — personal spending — rose 2.3%, also more than projected.
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