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
The S&P 500's information technology sector is on track for its worst week since March 2020, when stocks crashed at the onset of the pandemic, via @DowJones chart by @FactSet pic.twitter.com/KF5LibdKfD
— The_Journalbiz (@the_journalbiz) November 4, 2022
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.