Stock Market Today: S&P 500, Nasdaq close lower as tech selloff deepens, but Dow rises and oil prices drop

Wall Street's tech bounce died fast, and the S&P 500 and Nasdaq Composite closed lower after erasing early gains. The Dow Jones Industrial Average bucked the tape and finished higher as oil prices fell by the most in months.

The split tells the story. Technology stocks attempted a brief rebound at the open, but sellers took over and the rally faded quickly. That failure kept the tech selloff intact and dragged the S&P 500 and Nasdaq Composite into the red.

The Dow's gain came from a different source. Oil's drop, the largest in months, coincided with the blue-chip index closing higher while the tech-heavy benchmarks declined.

Interpretation: the divergence suggests rotation away from technology rather than a broad risk-off move. The Dow's strength alongside weaker Nasdaq action points to money shifting between segments, not leaving equities altogether. A failed early bounce is also a sign that buyers lack conviction at current levels, though one session does not confirm a trend.