💻 VGT Falls Amid Market Pullback and Weak Services Data, Palantir Surges After Blowout Earnings and Raised Guidance | Tech Sector Insights
(VGT) declined 0.8% Tuesday, tracking a broader market retreat as the S\&P 500 dropped 0.51%. Major holdings like Microsoft and NVIDIA led the pullback. A surprise drop in the ISM Services PMI to 50.1 and a narrowing trade deficit added to investor unease.
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Tuesday, August 5
VGT [-0.8%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has seen a decline of 0.8% during Tuesday's trading session. This movement coincides with a broader downturn in the S&P 500 Index, which has dropped by 0.51%. Notably, significant contributors to VGT's performance include Microsoft and NVIDIA, both of which have recorded negative returns. The U.S. trade deficit narrowed to $60.2 billion in June, reflecting a decline in imports, while the ISM Services PMI unexpectedly fell to 50.1, suggesting stagnation in the services sector amid rising inflationary pressures. These macroeconomic indicators contribute to an environment of uncertainty that may influence technology-focused investments like VGT. Additionally, trading volume for VGT has been unusually high today.