INVESTORS COUNT ON EARNINGS TO CALM $900 BILLION US TECH ROUT
NEWS Desk Global
As earnings season goes into full swing, bullish investors hope solid corporate results will stem a tumble in technology shares that has cooled this year’s U.S. stock rally. The S&P 500’s technology sector has dropped nearly 6% in just over a week, shedding about $900 billion in market value as growing expectations of interest rate cuts and a second Donald Trump presidency draw money away from this year’s winners and into sectors that have languished in 2024.
The S&P 500 has fared somewhat better, losing 1.6% in just over a week, with declines in tech partly offset by sharp gains in areas such as financials, industrials and small caps. The benchmark index is up more than 16% so far this year.
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