💻 VGT Drops as Microsoft & Meta Slide on AI Investment Concerns; Nvidia & Broader Tech Follow Suit Amid Mixed Economic Data | Tech Sector Insights
(VGT) has experienced a decline of 2.8% today, coinciding with significant drops in major tech stocks, including Microsoft and Meta Platforms, following earnings reports that raised concerns about future growth due to rising AI investment costs.
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Thursday, October 31
VGT [-2.8%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has experienced a decline of 2.8% today, coinciding with significant drops in major tech stocks, including Microsoft and Meta Platforms, following earnings reports that raised concerns about future growth due to rising AI investment costs. The daily return for VGT is currently down slightly. Key contributors to this performance include Microsoft, which saw a notable drop due to concerns over its Azure cloud business, and Nvidia, which declined amid market reactions to its involvement in AI projects. Broader market sentiment is reflected in the S&P 500 Index, which has also decreased by 1.43%. Mixed economic data, including strong job creation figures and inflationary pressures indicated by the PCE price index, have further influenced market dynamics today.