Sector Briefing: Technology

Nine sectors trade in negative territory with top-weighted technology (-2.3%) among the early laggards.

Key factors driving today’s performance include:

  • Pressure from relative weakness among chipmakers after the U.S. government restricted NVIDIA (NVDA 135.15, -15.79, -10.5%) and AMD (AMD 79.50, -5.37, -6.3%) from selling some of their most advanced chips to customers in China and Russia. NVIDIA is falling for the fifth consecutive day to its lowest level since May 2021 while the PHLX Semiconductor Index is down 4.2%, widening this week’s loss to 8.4%.
  • Outperformance in large components Apple (AAPL 156.01, -1.21, -0.8%) and Cisco (CSCO 44.73, +0.01, +0.02%) preventing the sector from showing an even wider loss.

Notable movers:

  • NVIDIA (NVDA 135.15, -15.79, -10.5%): weakest performer in the sector, falling to its lowest level since May 2021 after being restricted from selling some of its products to China and Russia.
  • AMD (AMD 79.50, -5.37, -6.3%): falling for the fifth consecutive day to its lowest level since mid-July.
  • Qualcomm (QCOM 126.89, -5.38, -4.1%): falling for the fifth consecutive day to its lowest level since early July.
  • Seagate (STX 64.26, -2.69, -4.0%): falling to its lowest level since late January 2021. The Benchmark Company downgraded the stock to Hold from Buy.
  • Applied Materials (AMAT 90.27, -3.80, -4.0%): falling for the fifth consecutive day to its lowest level since mid-July.
  • Broadcom (AVGO 481.61, -17.50, -3.5%): falling for the fifth consecutive day toward its July low (463.91).
  • PayPal (PYPL 90.37, -3.08, -3.3%): falling toward its 50-day moving average (85.48).
  • Salesforce (CRM 151.42, -4.70, -3.0%): falling for the fifth consecutive day to its lowest level since April 2020.
  • Microsoft (MSFT 255.86, -5.61, -2.2%): falling for the fifth consecutive day toward its July low (245.94).
  • Intel (INTC 31.32, -0.60, -1.9%): falling to its lowest level since May 2016.
  • Apple (AAPL 156.01, -1.21, -0.8%): slipping to its 50-day moving average (156.46).
  • Cisco Systems (CSCO 44.73, +0.01, +0.02%): trying to avoid its ninth loss over the past ten days with its 50-day moving average (44.79) looming above.
  • DXC Technology (DXC 25.48, +0.70, +2.8%): best performer in the sector, rising to its best level in nearly a week.

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