Technology stocks remained under pressure over the past month, according to a July 19 post from The Kobeissi Letter, with sector-level fund flow data showing the largest withdrawals among S&P 500 industry exchange-traded funds. The Technology Select Sector SPDR Fund (XLK) recorded net outflows of $8.7 billion during the period, the biggest outflow among all sector ETFs in the index. Energy Select Sector SPDR Fund (XLE) and Communication Services Select Sector SPDR Fund (XLC) also posted net outflows, at $1 billion and $500 million, respectively. In contrast, the Financial Select Sector SPDR Fund (XLF) attracted $2.1 billion in net inflows, the highest among all sectors over the same stretch. On performance, XLK fell 5.4% in the past month, making it the worst-performing sector ETF in that group. The Kobeissi Letter said the technology sector is going through a period of consolidation.
Technology stocks have continued to face selling pressure, The Kobeissi Letter said in a July 19 post.
Over the past month, the Technology Select Sector SPDR Fund (XLK) posted $8.7 billion in net outflows, the largest among S&P 500 sector ETFs. Over the same period, the Energy Select Sector SPDR Fund (XLE) and the Communication Services Select Sector SPDR Fund (XLC) recorded net outflows of $1 billion and $500 million, respectively. By contrast, the Financial Select Sector SPDR Fund (XLF) saw $2.1 billion in net inflows, the most among all sectors.
In market performance, XLK fell 5.4% over the same period, making it the weakest-performing sector ETF. The Kobeissi Letter said technology stocks are now going through a phase of consolidation.
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