Tech sell-off slams big ETFs

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The tech rout battered the stock market for a third day Monday, with the Technology Select Sector SPDR Fund down 2.9% at midday, second only to energy for losses among the exchange traded funds that track the 11 sectors of the S&P 500 . The Vanguard Information Technology ETF was down 2.7%, and the SPDR NYSE Technology ETF lost 4.2%. Big ETFs that bet on semiconductors were some of the day’s biggest losers: the Invesco Dynamic Semiconductors ETF lost 4.4%, and the ProShares Ultra Semiconductors fund was down 5.4%. The Direxion Work From Home ETF and the First Trust Cloud Computing ETF were both down only 1.4%. Both of those funds have been at the vanguard of the market’s uptrend because cloud-computing and work-from-home shares are viewed as the most resilient, and even benefiting, to the downturn inspired by the COVID-19 pandemic.
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