Carnage in technology shares put the Nasdaq Composite on track for its first monthly decline in 2017, as a delay in a key health-care bill in the Senate casts doubt on President Donald Trump’s pro-growth agenda. GOP senators postponed a vote on the controversial bill to overhaul so-called Obamacare until after the July 4 recess. The Nasdaq Composite Index closed off 1.6%, marking its worst daily decline since June 9th, when tech suffered a 1.8% collapse. The S&P 500 ended off 0.8% at 2,419, while the Dow Jones Industrial Average finished 0.5% lower at 21,310. Selling in health-care related sectors, particularly in biotech, which would presumably be the most affected by the legislation, was the most pronounced. The exchange-traded iShares Nasdaq Biotechnology ETF ended 2.76%, representing its steepest one-day drop since a 2.77% drop March 21. Health-care related ETF, the Health Care Select Sector SPDR ETF , closed down 0.9%. Meanwhile, the tech-focused Technology Select Sector SPDR ETF wrapped up off 1.6%, its worst daily drop since June 9. Meanwhile, financial stocks were one of the few bright spots on the day, with a 0.5% rise for the bank-focused Financial Select Sector SPDR ETF , led by a 1.8% rise in Charles Schwab Corp. and Regions Financial Corp. .
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