Tech freezes gains and sends Wall Street into the red

Wall Street opened the session in positive territory, but mostly painted in the red, as tech stocks lost momentum and pushed the Nasdaq into losses.

The industrial Dow Jones advanced 0.28% to 33,666.04 points, while the S&P 500 fell 0.38% to 4,267.62 points, a nine-month high. The technical Nasdaq composite lost 1.29% to 13,104.84 points.

Investors liquidated positions ahead of an intense week based on economic data and monetary policy. On June 13, US inflation for May is released, and on June 13 and 14, the US Federal Reserve will hold its monetary policy meeting.

An unexpected monetary policy decision by the Bank of Canada weighed on the talks, choosing to hike by 25 basis points and raising questions about what the central bank and the European Central Bank will do next week.

Among the major market movements were technology companies such as Alphabet and Microsoft, which lost 3.78% and 3.09%, respectively.

Coinbase advanced 3.2% after hitting a seven-month low on Tuesday under pressure from a Securities and Exchange Commission (SEC) lawsuit that accuses the company of years of failing to comply with financial rules.

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