Big Tech Is Dragging Down the Stock Market
S&P 500 breadth is better than you’d expect this morning.
Roughly 260 of the index’s members were actually rising despite the S&P 500 dropping 1.4%. The Invesco S&P 500 Equal Weight ETF, which counts every stock in the index the same, was down just 0.2%.
Instead, it was Big Tech dragging down the market. All seven members of the Magnificent Seven group of megacap tech stocks were down 1.9% or more. Tesla and Alphabet were the biggest laggards with 5.8% and 4.4% drops, respectively.