On Tuesday afternoon, Technology & Communications stocks rose by 0.4%, led by Monolithic Power Systems Inc (MPWR), which gained 4.1%, and Qualcomm Inc (QCOM), which increased by 2.9%. The Technology Select Sector SPDR ETF (XLK) also saw a 0.8% rise, with a year-to-date increase of 16.19%. Year-to-date, MPWR is up 50.89% and QCOM up 21.70%, together representing approximately 2.4% of XLK’s underlying holdings.
The Healthcare sector followed with a 0.2% increase, where Insulet Corp (PODD) gained 7.4% and ResMed Inc (RMD) gained 5.1%. The Health Care Select Sector SPDR ETF (XLV) remained flat for the day, but is up 14.71% in 2023. Year-to-date, PODD is down 10.57% while RMD is up 38.89%, making up about 0.8% of XLV’s holdings.
Currently, four sectors are up in the market, contrasting with five sectors that are down. The Financial sector has increased by 0.1%, while Services, Consumer Products, Materials, Utilities, and Energy sectors have experienced declines ranging from 0.1% to 1.0%.
