S&P Big Tech ETF paces decliners as S&P 500 heads toward worst week since April

seekingalpha07-19

Big Tech on the S&P 500 (SP500) (SPY) is headed for its worst weekly performance in three months, hit by the sector rotation in the U.S. equity market that’s poised to leave small-cap stocks higher ...

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The Nasdaq Composite (COMP:IND) and the S&P 500 (SP500) on Friday were in line for their sharpest weekly losses since mid-April, facing potential declines of 3% and 1.5%.  Marquee names such as Nvidia (NVDA) and Meta (META) that have powered this year’s run-up in the S&P 500 (SP500)(SPY) were headed lower for the week, as fired-up expectation for rate cuts spurred investors to seek out areas that have lagged the broad-market index.  Nvidia (NVDA) was on course to lose 8% this week and Meta (META) was facing a 3% pullback, but the part of the Magnificent 7 group of stocks were still sporting hefty YTD gains. Meanwhile, the Russell 2000 (RTY) index of small-cap stocks was in line for a second straight weekly win, albeit smaller than last week’s +6% pop.  A \"long-overdue\" broadening into overlooked pockets of the makret should \"help to blow some speculative froth off the tech leaders,\" David Morrison, senior market analyst at Trade Nation, said in a note. Such moves \"will make those corporates attractive to buyers once again. Yet it could also signal a market which is running out of gas, particularly if those recent hard-won gains for mid-caps suddenly evaporate,\" Morrison said.  Here’s how S&P 500 (SP500) sector ETFs were faring for the week during Friday’s session:   Technology Select Sector SPDR Fund ETF (XLK) - down 4.3%   Utilities Select Sector SPDR Fund ETF (XLU) - down 1.8%.  Consumer Discretionary Select Sector SPDR ETF (XLY) - down 1.5%   Communication Services Select Sector SPDR Fund (XLC) - down 0.76%  Materials Select Sector SPDR Fund ETF (XLB) - down 0.55%   Health Care Select Sector SPDR Fund ETF (XLV) - down 0.1%   Industrial Select Sector SPDR Fund ETF (XLI) - up 0.9%  Consumer Staples Select Sector SPDR Fund ETF (XLP) - up 1.22%  Real Estate Select Sector SPDR Fund ETF (XLRE) - up 1.5%  Financial Select Sector SPDR Fund ETF (XLF) - up 1.8%  Energy Select Sector SPDR Fund ETF (XLE) – up 2.8%","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.3","shortVersion":"4.26.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2452408278"}