💻 VGT Slides with Broader Market, First Solar Drops on Proposed Cuts to Clean Energy Tax Incentives | Tech Sector Insights
The tech sector moved lower in line with the broader market, with Apple, NVIDIA, Adobe, and Broadcom all contributing to downside pressure. The sector was further weighed by a sharp selloff in First Solar amid concern over proposed changes to clean energy tax incentives.
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Below are AI-generated insights on moves in the information technology sector, powered by MarketReader technology.
Tuesday, June 17
VGT [-0.8%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has seen a decline of 0.8% during market hours on Tuesday, paralleling a 0.83% drop in the S&P 500 Index. Significant contributors to VGT's performance include Apple (AAPL), which dropped, contributing negatively, along with Adobe (ADBE), NVIDIA (NVDA), and Broadcom Inc. (AVGO). AVGO announced the availability of VMware Cloud Foundation 9.0, aimed at enhancing private cloud environments. Conversely, First Solar, Inc. (FSLR) is under pressure due to potential legislative changes affecting its manufacturing credits under Section 45X of the Inflation Reduction Act, which may reduce incentives and lower price targets.