Tuesday, March 30, 2021

S&P 500's tech stocks turn into dead weight for a change

Technology stocks rarely trail the rest of the S&P 500 Index’s main industry groups for a quarter. It’s even less common for the index to rise when tech ranks last out of the 11 sectors. Yet both are poised to happen this quarter. The S&P 500 Information Technology Index is in position for its second last-place finish since 2008, according to data compiled by Bloomberg for the first quarter. During the same period, the S&P 500 rose 5.4%. Any advance would be the first since 2004 for a quarter when tech, which has the S&P 500’s highest weight at 26%, was the biggest laggard.

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