Investors are locking in gains in U.S. technology stocks at a record pace, according to a July 30 market update cited by BlockBeats and sourced to Jin10. So far in July, the equal-weight Nasdaq 100 has underperformed the equal-weight S&P 500 by 6.8 percentage points, a gap that could mark the worst monthly relative showing on record.
The reversal stands out because equal-weight tech stocks had beaten the broader market for four straight months before this month. The report also said that, over the past 20 years, tech stocks had never lagged the average performance of the S&P 500 by more than 5 percentage points.
As of this month, the equal-weight S&P 500 was up 2.2% and remained near record-high levels, while the equal-weight Nasdaq 100 was down 4.6%, close to its lowest level since mid-May. The move points to a sharp round of profit-taking in technology shares after a sustained period of outperformance.
Investors are taking profits in U.S. technology stocks at a record pace, according to a July 30 market note carried by BlockBeats and attributed to Jin10.
So far in July, the equal-weight Nasdaq 100 has lagged the equal-weight S&P 500 by 6.8 percentage points. The report said that could mark the worst single-month relative performance on record for the equal-weight Nasdaq 100.
Before this month, equal-weight tech stocks had outperformed the broader market for four consecutive months. Over the past 20 years, the average performance of tech stocks had never trailed the average performance of the S&P 500 by more than 5 percentage points.
For July to date, the equal-weight S&P 500 has gained 2.2% and is sitting at historically high levels. The equal-weight Nasdaq 100, by contrast, has fallen 4.6% and is near its lowest level since mid-May.
Jin10 said the move shows investors are cashing out of technology stocks at a record speed.
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