FTXL is trading 1.67% down as the 30-year Treasury yield remains near a 2007 high, raising discount rates for long-duration technology and AI assets.
- Investors are cautious ahead of the Federal Reserve’s August 19 FOMC minutes; Middle East tensions and higher oil prices reinforce inflation concerns.
- Technology lags a broadly positive market as investors rotate from growth; August 18’s technology-led selloff hit semiconductor and AI shares, including NVIDIA. Information technology is 99.9% of FTXL, making sector-wide rate sensitivity the primary explanation.