Markets Score 35 Bearish

US Indices Retreat from Record Peaks as Tech Slumps and Oil Gains

Apr 23, 2026 21:01 UTC

^IXIC, ^GSPC, CL=F

Immediate term

The S&P 500 and Nasdaq Composite saw a pullback from their all-time highs on Thursday. The decline was driven by a sell-off in technology stocks while energy markets saw upward movement.

Nasdaq and S&P 500 pull back from record highs
Technology sector leads the decline
Oil prices trended higher
Market showing signs of short-term correction

Major US equity benchmarks retreated from record levels during Thursday's session, marking a pause in the recent bullish trend. Both the Nasdaq Composite and the S&P 500 experienced declines, ending their streak of record-breaking performance. The pullback was primarily driven by a sell-off in the technology sector, which had previously been the main engine of growth for the indices. Investors appeared to engage in profit-taking, leading to a broader retreat across high-growth tech equities. In contrast to the equity slump, the energy market saw gains. Oil prices climbed during the session, suggesting a rotation of capital into commodities or a response to specific energy supply dynamics. Overall, the market action reflects a period of consolidation. While the indices have stepped back from their peaks, the divergence between tech and energy highlights a shifting appetite among traders in the current macro environment.