Twenty major technology stocks now trade below all-time highs, dragging the Nasdaq Composite down amid broader sector weakness.
The Nasdaq Composite has fallen 7.2% from its all-time high, reflecting renewed selling pressure in the technology sector. The Technology Select Sector SPDR ETF, a benchmark for the space, is down 8.3% from its peak, signaling broader declines among large-cap tech stocks.
The pullback follows a period of elevated valuations and rising interest rate expectations, which have weighed on growth-oriented sectors. Prior to this decline, the Nasdaq had rallied sharply in early 2024, outpacing broader market indices before cooling in recent weeks.
No immediate market reaction data was provided, but the retreat highlights shifting investor sentiment toward high-multiple tech stocks.