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Technology stocks have entered correction territory, threatening to topple the 2023 U.S. market rally

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Technology stocks helped drive a rally in U.S. stocks this year that took Wall Street analysts by surprise. Now, their gains are fading even more quickly.

The S&P 500 Information Technology sector CO:IUIT entered correction territory on Tuesday when it finished off 10.5% from its 52-week closing high of 3,207.29 reached on July 18, according to FactSet data. Wall Street analysts define a correction as a 10% drop from a recent high. The information-technology sub-index finished at 2,869.64 on Tuesday after declining 1.8% during a market rout that saw every one of the S&P 500’s 11 sectors finish lower.

Communications services XX:SP500.50 stocks have fallen only 5.2% from their highs as shares of Facebook parent Meta Platforms Inc. META, +0.10% and Google parent Alphabet Inc. GOOG, +0.35% GOOGL, +0.37% have weathered this latest bout of market volatility with only modest losses. Both information technology and communications services are still holding on to strong year-to-date gains, up 32.1% and 38.1%, respectively, compared with an 11.3% gain for the S&P 500.

 

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