Tech Profit Juggernaut Gets First Big Test in Week of Reversals
- Nasdaq 100 lags behind S&P 500 by the most since 2009
- Profit anxiety builds and vaccine hopes cut tech’s allure
Photographer: Krisztian Bocsi/Bloomberg
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The stay-at-home trade just got kicked to the curb.
At least for a week, anyway. Down 5.5%, the Fang bloc -- Facebook Inc., Amazon.com Inc., Netflix Inc. and Google’s parent Alphabet Inc. -- suffered its worst drop since March. As hopes for an economic rebound bubbled back up, money darted to cyclical stocks, a once-ignored corner of the market. As a result, the tech-heavy Nasdaq 100 trailed the S&P 500 by the most since 2009.