Fidelity MSCI Communication Services Index ETF is trading 1.5% down today as a strong May jobs report pushed Treasury yields higher and led markets to price in fewer Federal Reserve rate cuts.
- Communication services, including ad-driven internet platforms and media names, are selling off alongside technology and other long-duration assets in a broad risk-off move.
- The decline weighs heavily on growth and rate-sensitive equities, reversing part of the recent defensive rotation into the sector.