đŸ’» VGT Dips Amid Tariff Shock and Labor Market Worries, Fortinet Plunges After Downgrades and Weak Guidance | Tech Sector Insights
Vanguard’s Information Tech ETF slid 0.3% after Trump announced a 100% tariff on foreign-made semiconductors. While Apple pledged \$100B to U.S. manufacturing, rising jobless claims weighed on sentiment. Microsoft slipped; Oracle gained on cloud strength.
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Below are AI-generated insights on moves in the information technology sector, powered by MarketReader technology.
Thursday, August 7
VGT [-0.3%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has seen a price decline of 0.3% since Wednesday. This movement coincides with President Trump's recent announcement of a 100% tariff on foreign-made semiconductors, exempting U.S. manufacturers, which directly impacts technology stocks and supply chains. Notably, Apple has pledged an additional $100 billion investment in its U.S. manufacturing operations, which may influence tech equities positively. However, rising initial jobless claims signal potential weaknesses in the labor market, affecting economic growth prospects. Among VGT's holdings, Microsoft experienced a decline, while Oracle reported substantial growth in its cloud business. The S&P 500 Index has also declined by 0.33%, reflecting broader market sentiment that likely influences VGT's performance.