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TrackInsight: US Information technology stocks see negative performance

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01/04/2019 | 10:00am EDT

On the second trading session of the year, US Information Technology stocks ETFs dropped by 5.28% after a shock profit warning from…

On the second trading session of the year, US Information Technology stocks ETFs dropped by 5.28% after a shock profit warning from tech giant Apple. Its stock price fell by 9%, after announcing an expected quarterly revenue of $84 billion, 8% lower that the company promised its investors in November. The Chinese economy’s slowing growth is primarily to blame for this revenue shortfall. The news also impacted shares of companies that supply Apple’s technology. The US Information Technology segment lost $116 million over the first two days of the new year. This segment is composed of 9 ETFs tracking 9 indices for a total of $21.9 billion of assets under management.


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