Tech rout: 91% of IT stocks are down at least 10%
Tech is getting hammered almost across the board. According to Kobeissi Letter, 91% of Information Technology stocks are down at least 10%, and Communication Services is right there with it. Energy and Utilities? Barely half are in that hole, at 57% and 58%.
The selling in tech has gone nearly universal. According to Kobeissi Letter, 91% of Information Technology stocks are now down at least 10%. Communication Services stocks are in the same shape, the outlet said.
That's a brutal level of participation. In other words, for every 10 IT names out there, roughly nine have given up at least a tenth of their value. The weakness isn't picky — it's spread across the sector.
Other parts of the market look nothing like it. Just 57% of Energy stocks and 58% of Utility stocks are down 10% or more. So commodity-linked and defensive names are holding up considerably better than anything tied to tech.
The conclusion from Kobeissi Letter: the selling has been highly concentrated within tech-related stocks. Money isn't fleeing everything — it's fleeing tech specifically, and the breadth numbers make that lopsided exit hard to miss.
TopicsKobeissi Letter · Information Technology sector · Communication Services sector · Energy sector · Utilities sector · X
Source: x.com
Written by Paparazzi with AI. Not financial advice.