Stocks tumbled last week as inflation fears gripped markets. Prior to the sell-off, the number of S&P 500 stocks hitting 52-week highs was at record levels, notes Bespoke Investment. Even prior to the sell-off, an index of non-profitable tech stocks tracked by Goldman Sachs had lost 30 per cent of its value since February. Index investors could see last week’s weakness as a standard bout of profit-taking in an ongoing bull market, but technology stocks don’t have that excuse. Many of last week’s biggest losers have been weak for months, suggesting investors are in no hurry to rotate back into tech stocks any time soon.

Source: The Irish Times May 18, 2021 04:00 UTC