💻 VGT Slips as Apple, Intuit and Adobe Weigh; Monday.com Slides | Tech Sector Insights
VGT fell as weakness in Apple, Intuit and Adobe pressured the tech sector, mirroring broader market declines. Monday.com plunged despite beating Q2 estimates, as softer Q3 guidance and analyst downgrades fuelled heavy selling.
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Below are AI-generated insights on moves in the information technology sector, powered by MarketReader technology.
Monday, August 11
VGT [-0.4%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has declined by 0.4% since Friday, paralleling a 0.25% drop in the S&P 500 Index. Among its holdings, Apple Inc. (AAPL) experienced a notable decline, following a surge in stock price after a significant manufacturing investment announcement, contributing negatively to VGT's performance. Intuit Inc. (INTU) reached a 10-week low amid a downturn in the software sector, reflecting mixed industry performance despite a substantial annual gain. Adobe Inc. (ADBE) faced investor concerns regarding potential AI disruption, underperforming the S&P 500 significantly since mid-May. Other contributors to the ETF's downturn include Salesforce Inc. (CRM) and IBM, both of which also recorded declines. These movements among key holdings align with broader market sentiment, influencing the overall performance of the technology sector.