The tech sector as a whole has performed so badly this year the Nasdaq has been the worst performer year-to-date. I think a lot of money flew into the 10-year bond during the conventions, during the Olympics, and now people are looking to put their money into the beaten-down sectors, like tech.
More Quotes from Tim Heekin:
The market has been down, triggered by some comments from Fed governors on inflation,Tim Heekin
I guess a new deadline could be positive for markets, but I'm of the camp that the more the war is postponed, the more it keeps the market distracted.
Tim Heekin
They had an opportunity to get tech really rocking if they said something positive, but instead, they guided lower.
Tim Heekin
I think people walked in confused today as to whether we are going to continue this uptrend through year-end or back off.
Tim Heekin
The rally this morning couldn't hold up because there's just no conviction. There's some selling pressure there, but it's more that buyers have no religion. Tech and telecom are this huge drag on the market. People are buying very defensively in health care, chemicals, consumer products and pharmaceuticals.
Tim Heekin
Citigroup was disappointing and financials are the worst performing group today. You pair that with weakness in technology and energy -- the two leaders for the market over the last eight weeks -- and you have sort of a ho-hum day.
Tim Heekin
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