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Afternoon Note

Tech Rout

By Karina Hernandez, Senior Research Analyst
1/7/2022 2:08 PM

Technology stocks coming under renewed selling pressure with Nasdaq on track for its worst week since February 2021. The S&P 500 lost 0.11%, while the Dow reversed higher as investors rotated to value stocks.

The 10-year note is on the doorstep of 1.8%, up about 30 points to start the year and at its highest level since mid-January 2020. The yield has not closed above 1.74% since March 2021 but might do it today.

No wonder why financials (XLF) and regional banks (KRE) are seeing great action today. Both indexes hit a new intraday high today.

S&P 500 Index



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU



Carnage in the NASDAQ continues to be the emerging story today with more decliners than advancers, and more 52-week lows than highs.

We are seeing a change in leadership in the market as individual stocks see more volatility than compared to the indexes, and investors reconsider tech stocks as interest rise.

Yep, made a bundle on SQQQ.

Richard Hidalgo on 1/7/2022 2:21:59 PM

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