🔴 Fidelity MSCI Information Technology Index ETF is trading 5.1% down today as Broadcom's earnings spark a broader AI and semiconductor selloff

Fidelity MSCI Information Technology Index ETF is trading 5.1% down today as investors aggressively rotate out of high-valuation technology and AI leaders following Broadcom’s disappointing earnings reaction and guidance-driven profit taking in semiconductors.

• Stronger-than-expected US jobs data is pushing Treasury yields higher and reducing near-term Fed rate-cut hopes, pressuring long-duration growth stocks.
• The downturn is heavily impacting major sector heavyweights that dominate the ETF, including NVIDIA, Apple, Microsoft, and Broadcom.