MGK is trading 2.2% down today as its tech-heavy portfolio tracks a broad selloff in U.S. equity futures, with Nasdaq futures down sharply and growth stocks under pressure.
- Information technology makes up over half of MGK’s weight, making the ETF highly sensitive to the current weakness in mega-cap tech and broad Nasdaq volatility.
- The sector is facing additional pressure from elevated interest rate expectations ahead of the PCE inflation report scheduled for release this Thursday.