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Tech Is In the Driver's Seat
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Our View
There is no denying that the markets are churning. There is also no denying that the big tech leaders are under selling pressure.
I know some think it's the S&P that drives the markets first, but the tech sector has been in the driver's seat for a long time and, at least temporarily, it's taking a vacation.
The stats aren't great going into the end of the month and April is not that great either. I have to be honest, I don’t know where that leaves the markets other than to say that the Nasdaq has finally woken up to no rate cuts any time soon. Another problem is all the current and impending tech layoffs, which are now at the highest since 2001.