(Bloomberg) — Whether it’s election jitters, virus concerns or old-fashioned bubble fears, the invincible halo surrounding American tech stocks this year is finally fading.
Investors are on course to pull the most money out of technology-focused exchange-traded funds since May last year, according to data compiled by Bloomberg. More than $1.5 billion has exited so far in October.
Tech names were among the hardest hit on Wednesday as the S&P 500 dropped the most since June amid growing fears the resurgent coronavirus will derail an economic rebound. The Nasdaq 100 Index rebounded 1.2% at 10:25 a.m. on Thursday in New York, though it remains heavily down for the week.
“They’ve been seen as this sector set apart from the rest of the economy because the profits have kept coming in,” said Tim Courtney, chief investment officer of Exencial Wealth Advisors. “That will start to be tested