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On Monday, October 9, 2023, Technology & Communications stocks faced a significant downturn, dropping by 2.9%. Notably, Arista Networks Inc (ANET) and Broadcom Inc (AVGO) recorded losses of 23.6% and 19.3%, respectively. The Technology Select Sector SPDR ETF (XLK) decreased by 5.5% on the day and is down 2.73% year-to-date. Year-to-date, Arista and Broadcom have fallen 10.74% and 14.81%, respectively, comprising roughly 6.5% of XLK’s holdings.
The Energy sector also struggled, with a 2.6% loss, driven primarily by EQT Corp (EQT) and Kinder Morgan Inc. (KMI), which reported losses of 11.0% and 9.4%. The Energy Select Sector SPDR ETF (XLE) is down 1.4% for the day but up 5.08% year-to-date, while EQT and KMI are up 3.60% and 0.11% year-to-date, respectively, together making up about 5.7% of XLE’s holdings.
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