The recent comeback in technology stocks is beginning to lose its luster, and that could mean trouble for the broader market.
Technology stocks have been on a tear since the start of 2023 as investors dip back into the sector following one of the most difficult years on record, with the tech-heavy Nasdaq Composite and S & P 500's information technology sector up about 13% and 17%, respectively.
He also highlighted that the Nasdaq's cumulative advance-decline line and percentage of stocks above the 200-day moving average has fallen since February's peak — another sign of waning outperformance. Three stocks — Apple , Nvidia and Microsoft — in recent weeks have also grown to more than half of the XLK's weighting, which could prove problematic given the downside risks, he added.
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