Technology Sector Lags Behind as Stocks Struggle Midday Thursday

As of midday Thursday, the Technology & Communications sector leads the market’s declines with a 0.8% drop. Within this sector, significant laggards include Microchip Technology Inc (Symbol: MCHP) and Epam Systems, Inc. (Symbol: EPAM), which are down 5.2% and 4.6%, respectively. Tracking the sector’s performance, the Technology Select Sector SPDR ETF (Symbol: XLK) has declined 0.9% today and is down 8.38% year-to-date. For the same period, Microchip Technology Inc has lost 8.95%, while Epam Systems, Inc. has experienced a steep decline of 26.23%. Notably, these two companies represent about 0.4% of XLK’s underlying holdings.

The Industrial sector is the next worst performer, showing a 0.7% loss. Among major Industrial stocks, Gartner Inc (Symbol: IT) and Huntington Ingalls Industries, Inc. (Symbol: HII) led the downward trend, with losses of 5.8% and 3.2%, respectively. The Industrial Select Sector SPDR ETF (XLI), which tracks this sector, is down 0.5% during midday trading but shows a slight year-to-date gain of 0.87%. In the year-to-date comparison, Gartner Inc has dropped 12.57%, while Huntington Ingalls Industries, Inc. has increased by 6.96%. HII constitutes around 0.2% of XLI’s underlying holdings.

For a visual perspective, below is a relative Stock price performance chart covering these stocks and ETFs over the trailing twelve months. Each symbol is represented in color for easy reference as labeled in the chart’s legend:

This afternoon, the S&P 500 components across various sectors are seeing downward pressure, as showcased in the trading updates from Thursday. None of the sectors have gained ground today, while six sectors are reporting losses.

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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.