Tech gets hammered again as regulatory news hurts sector
Rotation from tech into other sectors appears to be losing steam
The air keeps coming out of the tires.
A market that rode hard all summer on the FAANGs and semiconductors is making a loud hissing noise as those high-flyers lose traction.
All summer, investors heard warnings that if Tech’s party settled down, the broader market would take a hit. September reminds us of that as it appears on track to be the first losing month since March and the worst month of September in 18 years.
All the FAANGs played serious defense Wednesday in the second of three sessions this week where Tech spent most of the day dragging everything else down. The Tech weakness was joined by a rout in the Energy sector, where companies staggered amid worries about shutdowns in Europe and