Sector Spotlight: The Tech Stock Rout Continues
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Market Recap For October 27th, 2022
Another day, another earnings report putting a damper on the market, although this time the market at least tried to rally.
With both Apple and Amazon getting hit on earnings as well, today might be another rough day for the bulls.
Yesterday’s Sector Performance
Industrials were one of the bright spots yesterday.
Communication Services took more hits on Thursday, adding to Wednesday’s losses.
Five-Day Sector Performance
Industrials and Financials have led the market over the past trading week.
Services are deeply in the red, and the only sector in the red at all.
ETF Trade Watch
Industrials Select Sector SPDR (XLI)
Communication Services Select Sector SPDR (XLC)
Although Industrials have performed very well as of late, yesterday’s candle on the XLI looks very bearish, which means it may be time for a pullback.
With tech stocks looking like they may be set to get hit once again, the XLC could be testing new 52-week lows soon.
Good luck!
