However, the Nasdaq is still trading above its 50-day moving average and continues to trend upward based on its year-to-date chart.

Nasdaq Drops Over 1%, Tech ETFs Suffer 1

“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.”

Related: Traders Get Defensive With a Chip ETF

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.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.