However, the Nasdaq is still trading above its 50-day moving average and continues to trend upward based on its year-to-date chart.
“While we may be late in the game when it comes to our economic expansion, we’re likely not in the last inning, and I think we see that in today’s numbers,” said Mike Loewengart, vice president of investment strategy at E-Trade. “Sure the trade war has begun to take its toll, but our economic fundamentals continue to be solid.”
Despite the losses today, over 50 percent of S&P 500 companies have reported earnings. Of those companies, 79.8 percent have reported better-than-expected earnings, according to data provided by FactSet.
For more market trends in technology ETFs, click here.