IGV is trading 1.6% down today as hotter-than-expected inflation data and escalating geopolitical tensions trigger a broad retreat in the tech sector.
- April CPI rose 3.8% YoY, exceeding the 3.7% forecast and dampening investor hopes for Federal Reserve rate cuts this year.
- A labor standoff at Samsung threatens to disrupt $20 billion in AI chip production, heightening supply chain concerns for tech-exposed software holdings.
- Rising oil prices driven by US-Iran tensions are adding further pressure to growth stocks, contributing to a 1.53% decline in the Nasdaq.