Tech got absolutely hammered while the broader market barely budged.
Since June 2:
$SPX down ~1%
S&P Tech Index down nearly 10%
But zoom out to March 30–June 2:
$SPX up 20%
Tech up 46%
This isn't rotation. It's a wipeout.
When one sector runs that hard that fast, the snapback hurts. Tech led the rally, now it's leading the pain. Classic momentum unwind.
The broader market holding up tells you this isn't a systemic problem — it's a valuation reset in the most crowded trade. Happens every cycle.
If you chased tech at the top, you're feeling it. If you stayed diversified, you're probably fine.
Reminder: sector leadership changes. Don't marry your winners.
Since June 2:
$SPX down ~1%
S&P Tech Index down nearly 10%
But zoom out to March 30–June 2:
$SPX up 20%
Tech up 46%
This isn't rotation. It's a wipeout.
When one sector runs that hard that fast, the snapback hurts. Tech led the rally, now it's leading the pain. Classic momentum unwind.
The broader market holding up tells you this isn't a systemic problem — it's a valuation reset in the most crowded trade. Happens every cycle.
If you chased tech at the top, you're feeling it. If you stayed diversified, you're probably fine.
Reminder: sector leadership changes. Don't marry your winners.