Technology Stocks Experience Ongoing Sell-Off, Technology Sector ETF Sees Net Outflow of $8.7 Billion in the Past Month

BlockBeats News, July 19th, The Kobeissi Letter stated that the technology sector continues to face sell-offs. In the past month, the technology sector ETF XLK saw a net outflow of $8.7 billion, the largest among all S&P 500 sector ETFs; the energy sector ETF XLE and the communication services sector ETF XLC saw net outflows of $1 billion and $0.5 billion, respectively.

During the same period, the financial sector ETF XLF saw a net inflow of $2.1 billion, the highest among all sectors. In terms of performance, the technology sector ETF XLK fell by 5.4% during the same period, making it the worst-performing industry ETF. Technology stocks are currently undergoing a phase of consolidation.