S&P 500 Loses Year-to-Date Gain on Tech Stock Decline

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S&P 500 Loses Year-to-Date Gain on Tech Stock Decline (Bloomberg)

Including today’s trading, the S&P 500 has endured its worst three-session fall since 2011, and the losses have eliminated any gains that the index has gained since the start of the year. Falling tech stocks led the decline. “If you take a closer look under the hood, things have been deteriorating for a while now,” Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research in Cincinnati, said. “Small caps and tech have been breaking down all over the place the past month, with the big blue chips holding tough. Well, now it looks like the last place bulls were hiding is finally starting to crack.”

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