Major Technology ETF Sees Biggest Outflows Since 2007
The rout in U.S. technology shares over the past two days spurred the biggest outflows from the industry’s benchmark exchange-traded fund since the depths of the financial crisis. Before Tuesday’s bounce back in tech stocks, investors yanked $1.84 billion from the PowerShares QQQ Trust Series 1 on Monday, the most since November 2007 and the biggest one-day withdrawal among U.S.-listed ETFs. Option traders also rushed to hedge against losses with 1.42 million put contracts changing hands -- the
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The rout in U.S. technology shares over the past two days spurred the biggest outflows from the industry’s benchmark exchange-traded fund since the depths of the financial crisis. Before Tuesday’s bounce back in tech stocks, investors yanked $1.84 billion from the PowerShares QQQ Trust Series 1 on Monday, the most since November 2007 and the biggest one-day withdrawal among U.S.-listed ETFs. Option traders also rushed to hedge against losses with 1.42 million put contracts changing hands -- the busiest session since September 2008.