US stocks slump as tech and momentum selloff continues

The S&P 500 slumped for the second straight day, dropping 0.3%. The Nasdaq 100 also gave back 0.3%, while the Russell 2000 fell 0.4%.

Real estate, tech, and materials were the worst-performing S&P 500 sector ETFs, each off more than 1%. Communications services was at the top of the leaderboard, thanks to Alphabet.

Google was the best-performing Magnificent 7 stock, up over 5% after its quantum-computing breakthrough. While other quantum-computing-linked stocks initially fell on the news, most recovered later. Notably, Rigetti Computing spiked after announcing that a joint project with Quantum Machines that used AI to automate how a quantum computer is calibrated was successful.

Walgreens Boots Alliance soared following reports that the embattled pharmacy chain may soon be acquired, making it the best-performing S&P 500 constituent.

A judge blocked Kroger’s acquisition of Albertsons, sending the former higher and the latter lower.

Homebuilders had a rough day after Toll Brothers’ mediocre earnings report, with the iShares US Home Construction ETF down 2.3%.

TSMC tumbled 3.6% despite announcing massive sales growth in November

Oracle tanked 6.7% after posting lower-than-expected sales with an underwhelming earnings guidance, its worst day since the company released quarterly results one year ago.

Moderna was the worst performer in the S&P 500, with the drugmaker facing eviction from the Nasdaq 100.