Looking at the sectors faring worst as of midday Monday, shares of Technology & Communications companies are underperforming other sectors, showing a 1.1% loss. Within that group, Cadence Design Systems Inc (Symbol: CDNS) and Synopsys Inc (Symbol: SNPS) are two large stocks that are lagging, showing a loss of 3.5% and 3.4%, respectively. Among technology ETFs, one ETF following the sector is the Technology Select Sector SPDR ETF (Symbol: XLK), which is down 1.1% on the day, and up 41.92% year-to-date. Cadence Design Systems Inc, meanwhile, is up 55.88% year-to-date, and Synopsys Inc is up 61.81% year-to-date. Combined, CDNS and SNPS make up approximately 0.7% of the underlying holdings of XLK.
The next worst performing sector is the Industrial sector, showing a 0.7% loss. Among large Industrial stocks, L3Harris Technologies Inc (Symbol: LHX) and Keysight Technologies Inc (Symbol: KEYS) are the most notable, showing a loss of 3.0% and 2.9%, respectively. One ETF closely tracking Industrial stocks is the Industrial Select Sector SPDR ETF (XLI), which is down 0.9% in midday trading, and up 28.02% on a year-to-date basis. L3Harris Technologies Inc, meanwhile, is up 47.00% year-to-date, and Keysight Technologies Inc is up 67.41% year-to-date. LHX makes up approximately 2.0% of the underlying holdings of XLI.
Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:
Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Monday. As you can see, one sector is up on the day, while eight sectors are down.
|Technology & Communications||-1.1%|
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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