Technology & Communications: Stocks Sputter
As the clock ticks towards the afternoon, Technology & Communications stocks are veering off course, displaying a 0.9% loss. Among the giants stumbling in this arena are Adobe Inc (Symbol: ADBE) and ServiceNow Inc (Symbol: NOW), both showing discouraging drops of 14.3% and 4.4%, respectively. Within the tech ETF realm, the Technology Select Sector SPDR ETF (Symbol: XLK) is not faring any better, down 1.5% for the day but managing to eke out a meager 6.82% year-to-date gain. Sadly, Adobe Inc has tumbled 18.02% year-to-date, while ServiceNow Inc struggles to stay afloat with a modest 5.52% uptick for the year. Together, ADBE and NOW compose around 3.8% of the holdings under XLK.
Healthcare Sector: Ailing Performance
Joining the bleak landscape of underperformance is the Healthcare sector, showcasing a 0.3% loss. Standing out amidst the turmoil are Abbott Laboratories (Symbol: ABT) and West Pharmaceutical Services, Inc. (Symbol: WST), sporting drops of 4.8% and 2.5%, respectively. Stepping into the ETF arena, the Health Care Select Sector SPDR ETF (XLV) is feeling the pressure, down 0.5% midday but managing to hold on to a modest 6.50% year-to-date increase. Abbott Laboratories is clawing its way up with a 3.33% year-to-date gain, while West Pharmaceutical Services, Inc. remains resilient with a 10.67% uptick for the year. Combined, ABT and WST account for approximately 4.2% of the holdings within XLV.
Analysis of the stock and ETF performance over the trailing twelve months reveals a visual representation of the relative stock price changes. Each symbol is denoted by a distinct color, as illustrated in the legend at the base of the chart.
Examining the pulse of the S&P 500 components across various sectors during afternoon trading on Friday portrays a mixed bag of results. While three sectors are enjoying an upswing, four sectors are grappling with downward trends.
| Sector | % Change |
|---|---|
| Materials | +0.6% |
| Consumer Products | +0.4% |
| Energy | +0.3% |
| Utilities | 0.0% |
| Financial | 0.0% |
| Services | -0.2% |
| Healthcare | -0.3% |
| Industrial | -0.3% |
| Technology & Communications | -0.9% |
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Additional Resources:
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Funds Holding NMMC
IBM RSI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
