And you thought this week has been painful for the tech trade. If history is any guide, the pain for tech may only be just beginning! The S&P 500 tech sector has seen six pullbacks of 10% or more since 2023, points out Truist chief markets strategist officer (chart below), including the current one. But four of the six plunges have ranged from 14% to 27%. "The story is no longer simply about the strength of AI demand. Wall Street is increasingly demanding evidence that heavy investment will translate into durable profits and cash flow," Lerner says.The tech sell-off could continue.·Truist That's putting it lightly.
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