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Tech Stocks, heading for the worst week since 2020!

Tech among the worst performers of the S&P 500!

Tech stocks, long the market’s leaders, have lost their way lately and there is a big market shake-up underway.

Tweet on tech decline on the market

FactSet chart on recent tech decline

The S&P 500’s information technology sector is down around 7.7% this week, on track for its worst week since March 2020, when stocks crashed at the onset of the pandemic. The communication services sector has lost 8.2%.

How things fare for tech, still one of the most influential groups in the stock market, has wide-ranging implications for the rest of the market. One big question remains;

Can stocks stage a meaningful rebound if tech keeps tumbling? That we shall all find out as soon as FED’s will reshuffle the rate hikes policy.

source: Factset/WSJ
Image: WSJ