Wall Street Analyst Predicts End To Tech Rout: 'Much Of The Selloff May Be In The Rearview Mirror'

Benzinga · 03:36

What initially seemed like a cause for celebration afterJerome Powellhinted that a September interest rate cut "could be on the table" quickly turned into another selloff for tech stocks the day after the July Federal Open Market Committee meeting.

Investors reevaluated their positions in tech giants in light of disappointing economic data released Thursday and the latest earnings reports, shifting toward a more risk-averse approach.

The Nasdaq 100, as tracked by theInvesco QQQ Trust(NASDAQ:QQQ), tumbled 2.7% after a 3% rally on Wednesday.

The Magnificent Seven tech stocks, monitored through theRoundhill Magnificent Seven ETF (NASDAQ:MAGS), declined...

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Wall Street Analyst Predicts End To Tech Rout: 'Much Of The Selloff May Be In The Rearview Mirror'

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