Tech ETFs Taking Brunt of Market
November 8th at 3:30pm by Tom Lydon
Technology stocks and exchange traded funds (ETFs) ended the day down more than any other sector. The markets had another difficult day, but were able to bounce back from lows reached in intraday trading. Cisco’s (CSCO) lackluster forecast stirred concerns of a slowdown in business spending. Then, Federal Reserve Chairman Ben Bernanke spoke today and warned of economic trouble that could affect business growth, reports Tim Paradis of AP.
The Nasdaq and the ETF that tracks it, PowerShares QQQ (QQQQ), lost 3%. The Technology Select Sector SPDR (XLK) was also down 3.6%. Many analysts think today’s tech sell-off has more to do with the macro-economy than with the tech sector. The Dow Jones industrial average was down 34 points and the S&P 500 fell 0.9 points.
