Technology Sector Struggles as Stocks Face Heavy Losses
On Wednesday afternoon, the Technology & Communications sector took a hit, recording a 1.6% loss. Notably, Super Micro Computer Inc (Symbol: SMCI) and Qorvo Inc (Symbol: QRVO) are struggling within this sector, with losses of 32.7% and 26.9%, respectively. The Technology Select Sector SPDR ETF (Symbol: XLK), which tracks this segment closely, is down 1.4% today but has seen a 20.16% gain year-to-date. In contrast, Super Micro Computer Inc is up 16.22% for the year, while Qorvo Inc’s performance has slipped by 34.73% year-to-date. Together, SMCI and QRVO constitute approximately 0.3% of XLK’s total holdings.
Services Sector Follows Suit with Minimal Gains
The next underperforming sector is Services, which displayed little growth. Within the sector, notable laggards include Caesars Entertainment Inc (Symbol: CZR) and Chipotle Mexican Grill Inc (Symbol: CMG), with losses of 7.8% and 7.2%, respectively. The iShares U.S. Consumer Services ETF (IYC) is tracking Services stocks closely; it is up 0.2% during midday trading and has gained 17.41% so far this year. Meanwhile, Caesars Entertainment Inc has dropped 10.91% year-to-date, while Chipotle Mexican Grill Inc has risen 22.69% since the beginning of the year. CZR and CMG account for approximately 85.2% of IYC’s underlying holdings.
To evaluate stock performance over the last twelve months, a relative stock price performance chart is provided below, featuring different colors for each symbol in the legend at the bottom:
S&P 500 Sector Performance Overview
Here’s a look at how various sectors within the S&P 500 are performing during afternoon trading. Currently, six sectors have positive change, whereas one sector is in decline.
| Sector | % Change |
|---|---|
| Materials | +0.5% |
| Financial | +0.4% |
| Energy | +0.4% |
| Consumer Products | +0.2% |
| Industrial | +0.2% |
| Healthcare | +0.1% |
| Services | 0.0% |
| Utilities | -0.0% |
| Technology & Communications | -1.6% |
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
