Tech ETFs followed the broader market lower Wednesday on lingering concerns over the U.S. debt ceiling. Technology Select Sector SPDR Fund (NYSEArca: XLK) and PowerShares QQQ (NasdaqGM: QQQ) both slipped 2%.
One bright spot in the sector was Amazon.com (NasdaqGS: AMZN), which added 5% in the wake of strong quarterly revenues and a solid outlook. “We believe that the lower-priced Kindle with special offers is driving mass adoption of the device and contributing meaningfully to revenue growth,” Jefferies analysts said.
Technology Select Sector SPDR Fund