Midday Market Review: Services and Tech Sectors Lagging
As of midday Thursday, the Services sector is down 0.7%, underperforming other sectors. Notable declines include Best Buy Inc (Symbol: BBY), which is down 8.5%, and Fox Corp (Symbol: FOX), with a loss of 3.4%. The iShares U.S. Consumer Services ETF (Symbol: IYC), tracking this sector, is down 0.4% today but is up 0.51% year-to-date. Year-to-date, Best Buy is down 22.62%, while Fox Corp has increased by 9.32%. Together, BBY and FOX represent approximately 0.3% of IYC’s holdings.
The Technology & Communications sector is also down 0.7%. HP Inc (Symbol: HPQ) leads the losses at 7.9%, followed by Arista Networks Inc (Symbol: ANET) at 6.0%. The Technology Select Sector SPDR ETF (XLK), which tracks these stocks, is down 0.1% for the day and has decreased 0.48% year-to-date. HP Inc is down 22.33% year-to-date, while Arista Networks is down 21.08%. Combined, HPQ and ANET comprise about 1.2% of XLK’s holdings.
A comparison of these stocks and ETFs over the last twelve months reveals their relative performance, presented in the chart below:
At midday Thursday, six sectors are up while two sectors, Services and Technology & Communications, are down. A summary of sector performance is below:
| Sector | % Change |
|---|---|
| Utilities | +0.7% |
| Consumer Products | +0.5% |
| Healthcare | +0.5% |
| Financial | +0.4% |
| Energy | +0.3% |
| Industrial | +0.2% |
| Materials | 0.0% |
| Services | -0.7% |
| Technology & Communications | -0.7% |
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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