High Beta Tech Stocks Suffer in Declining Market
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Technology Select Sector SPDR (NYSE: XLK) is trading lower today. Tech stocks are getting bruised by macro fears resonating from the crisis in Europe. Today's summit of European leaders is shaping up to be a waste of time, as disagreements mount over support for euro-bonds. Tech stocks are especially sensitive to these types of fears because they usually trade at higher multiples and have higher beta than stocks in the S&P 500.
Shares of Apple (Nasdaq: AAPL) are trading lower by over 1 percent intraday on Thursday. Other tech stocks are also feeling the pain, including Cisco Systems, Inc. (Nasdaq: CSCO). CSCO is trading lower by 2.5 percent largely due to macro fears out of Europe. XLK is lower by 1.6 percent intraday on Thursday.
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Shares of Apple (Nasdaq: AAPL) are trading lower by over 1 percent intraday on Thursday. Other tech stocks are also feeling the pain, including Cisco Systems, Inc. (Nasdaq: CSCO). CSCO is trading lower by 2.5 percent largely due to macro fears out of Europe. XLK is lower by 1.6 percent intraday on Thursday.
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