💻 VGT Slips as Fed’s Hawkish Tone Pressures Tech; Semiconductors Lead Decline | Tech Sector Insights
(VGT) fell 0.3% today as Federal Reserve officials signaled rates may stay higher for longer, weighing on tech indices. Apple, Nvidia, and AMD all declined. AMD also faced headwinds after a source code leak despite a new AI partnership with Amazon.
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Thursday, August 21
VGT [-0.3%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has seen a decline of 0.3% today, coinciding with a hawkish sentiment from the Federal Reserve, which favors maintaining current interest rates due to inflation risks. This has adversely affected tech-heavy indices like the Nasdaq-100. Notably, Intel's stock dropped significantly following news regarding potential equity stakes in CHIPS Act grants, raising regulatory concerns that ripple through semiconductor funds and related sectors. Among VGT's holdings, significant contributors to its performance included Apple, Nvidia, and Advanced Micro Devices, all of which experienced declines. AMD's stock faced negative sentiment after an accidental online posting of source code, despite its partnership with Amazon in a South Korean AI startup. Additionally, the S&P 500 Index declined by 0.42%, reflecting broader market sentiment that may be influencing VGT's recent price movement.