Global markets were lower overnight as markets have started the week tentatively following what was a dramatic sell-off across US Technology stocks last Friday. Major Banks such as Goldman Sachs warned that low volatility was blinding investors to risks in the sector and profit taking has seen the Nasdaq (US Technology Index) suffer its biggest two-day loss since September.
As we mentioned yesterday, the Tech sector has been by far the strongest performer in 2017 as strong quarterly earnings helped technology stocks fill a void left by financial and industrial stocks after the post-election rally faded. The US Technology sector remains up about 17% this year and we are watching developments closely as to whether the sell-off translates into something more than a short term correction.
Closer to home it was a relatively quiet day in terms of news flow, with the Australian market closed for Queens Birthday Holiday.
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