Fidelity MSCI Information Technology Index ETF is trading 1.6% down following a sharp rotation out of high-valuation information technology and AI-related stocks after Broadcom’s earnings disappointed elevated expectations.
- The sector-wide tech and semiconductor pullback is dragging information technology indices lower as investors reassess growth valuations in the AI space.
- Broader risk-off sentiment and weakness in Nasdaq futures are adding further pressure to the tech-focused ETF in pre-market trading.