GARY is trading 2.2% down today as its heavy information technology exposure tracks a sharp sector pullback amid concerns over semiconductor valuations and interest rates.
- Recent TSMC capex expansion and AI data-center buildouts have intensified fears regarding stretched growth multiples and higher-for-longer rate expectations.
- Investors are rotating into defensive sectors following hawkish Fed commentary and rising geopolitical risks stemming from the U.S.–Iran conflict.
- Weak housing data and energy market volatility are further dampening risk appetite for long-duration tech assets.