BlockBeats news, on July 19, The Kobeissi Letter reported that technology stocks continue to face selling pressure. Over the past month, the technology sector ETF XLK experienced net outflows of $8.7 billion, the largest among all S&P 500 sector ETFs; the energy sector ETF XLE and the communication services sector ETF XLC saw net outflows of $1 billion and $500 million, respectively.
During the same period, the financial sector ETF XLF saw net inflows of $2.1 billion, the highest among all sectors. In terms of performance, the technology sector ETF XLK declined 5.4% over the same period, making it the worst-performing industry ETF. Technology stocks are currently undergoing a temporary consolidation.
