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via finance.yahoo.comMarkets

Tech stocks now trade cheaper than the S&P 500 for the first time since 2017

FROM THE WIRE · FINANCE.YAHOO.COM

Wall Street partied the day after the midterms and woke up Thursday to tech's worst day since the 2020 COVID crash. Strip out the AI trade, though, and most stocks barely noticed. The equal-weight S&P 500 (RSP), a stand-in for the typical stock, closed at a record Wednesday and…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishThe tech sector sell-off has pushed its multiple below the index, a relevant signal for equity markets.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01The tech sector had its worst day since the 2020 COVID crash, after the midterm elections.
  2. 02The S&P 500 and Nasdaq each fell about 3%, a fourth straight losing week.
  3. 03Tech stocks in the S&P 500 traded at about 17 times expected earnings, versus 18 times for the index.
NEWS IMPACT AND MARKET REACTIONChange since the story · reference
State Street Technology Select Sector SPDR ETFXLKETF164.74 USDMarket closedtoday +1.45%Negative Invesco S&P 500 Equal Weight ETFRSPETF216.05 USDMarket closedtoday -0.38%Neutral S&P 500INDEX:SP500Index7,376.86Market closedtoday +0.31%Negative NASDAQ CompositeINDEX:IXICIndex24,579.42Market closedtoday +1.09%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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