Shares of technology companies fell as a flight from the chip sub-sector continued in the wake of Samsung Electronics' earnings.
The PHLX "SOX" Semiconductor Sector index fell by almost 5%, but remains up more than twofold from 12 months ago. The SPDR Select Sector Technology exchange-traded fund, which tracks the tech industry group of the S&P 500, is down by about 10% from its peak.
One strategist said parallels between the AI era and the Dotcom boom-and-bust are overstated. "It's hard to see that in parallel," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "What we went through with Dotcom...it was like 'we changed our name to dotcom' and there's a pop in your stock price. The difference is earnings are accompanying that. It's not just hype."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
