The S&P 500 Index dropped 1.3% while the Nasdaq fell 1.7% as US stocks succumbed to selling pressures bowing under the twin pressure of a technical breakdown in Fangs and tech stocks more generally and as 10 year yields touched 3% yesterday. Fund managers have raised their exposure to tech stocks more than any other industry over the past month, according to a recent survey in what turns out to be a wrong timing as the group trailed all but one of the 11 sectors in the S&P 500 over the period. The S&P closed 1% over its 200dMa.
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