It’s not pretty for tech stocks.
The tech-heavy Nasdaq has dropped by more than 1% each of the past two days and companies from Alibaba to Amazon are seeing drop offs.
A note from Bespoke Investment Group showed just how bad things have gotten for tech stocks.
“While Technology was a market leader for much of the Summer and into the Fall, in the post-election world the sector has done a complete 180 and fallen off a cliff,” said the note from Bespoke.
In fact, while the sector had been outpacing the market for nearly the entire year, its post-election swoon has pushed it under the broader market.
“Following yesterday’s steep sell-off, the sector is now underperforming the S&P 500 over the last year!” said Bespoke. “While the sector is just barely underperforming, it’s a far cry from where things stood just one month ago.”
Based on the data, 22 tech companies in the S&P 500’s tech industry group were down between Thursday’s close and December 1, 2015. These include giants such as Apple (-6.7%), Alphabet (-2.5%), and Oracle (-1.4%).
There are a number of speculative reasons for the drop-off, including possible trade and immigration policies from President-elect Donald Trump. Whatever the reason, though, it is clearly not pretty for the tech firms.
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