Tech ETFs sell off as value plays benefit

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Technology-focused exchange-traded funds underperformed Thursday as the sector led market declines. The Technology Select Sector SPDR Fund was down 1% at midday, roughly tracking the Nasdaq Composite index , while the Invesco QQQ Trust slid 1.2%. Both were on track for their worst day in nearly two weeks. Financial markets continued to sell off as coronavirus case counts rose, lockdown measures intensified, and the U.S. government made little progress toward passing additional fiscal relief. But tech’s underperformance may be due in part to a Goldman Sachs analysis that suggested it is time for investors to underweight the sector in favor of value stocks in areas like banks and energy. The Select Sector SPDR Funds tracking financials and energy were both trading in positive territory midday.
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