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  • A rotation out of Tech shares into cyclical stocks drove the NASDAQ lower.

  • But the Dow higher Wednesday.

  • Big name tech stocks like Apple and in video wait on the NASDAQ and S and P 500 as did concerns over inflation.

  • Summit Place Financial Advisers President Liz Miller says investors are adjusting their portfolios as a lighten up on tech.

  • I think the slight negative tilt we're seeing is just that there were a lot of gains last year and investors are just digesting new information and the year end result information to reposition for the rest of 2021.

  • The NASDAQ closed down more than a half percent and the S and P 500 ended just below the break even line.

  • But the Dow added a little over a quarter percent.

  • The blue chip index got a lift from Verizon and Chevron.

  • Shares of the telecom and oil giants rose after Warren Buffett's Berkshire Hathaway disclosed it had taken major stakes in both companies.

  • Wells Fargo shares jumped 5% a report said the Fed accepted the banks proposal to overhaul its risk management and governance.

  • The bank has been trying to recover from a sales scandal that emerged in 2016 Shopify shares slid more than 3%.

  • The Canadian e commerce giant that benefited from the online shopping surge last year hinted that revenue growth would slow in 2021 as people returned to stores.

A rotation out of Tech shares into cyclical stocks drove the NASDAQ lower.

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