Tech Leaders Retreating

The US Technology sector has been on fire in recent years. The tech leaders have accounted for the vast majority of the gains of the entire US stock market. Today, Apple, Amazon, Google, Microsoft and Facebook are worth a combined $4 trillion or 20% of US GDP, a remarkable achievement. Outside the US however, the picture is a little less favourable. SOCL, the Global Social Media Index ETF has corrected by -23% since the start of 2018, giving back a significant proportion of last year’s gains. The top five stocks in SOCL are Twitter, Facebook, Tencent Holdings, InterActiveCorp and Google. If the air is coming out of the sector and the market leaders are rolling over, the broader market could be in trouble.


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