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As investors rotate to cyclical stocks to capitalize on the economic recovery, the tech sell-off might continue for some time. The relatively low investor interest in the tech industry amid the fast-paced economic recovery is evident in Technology Select Sector SPDR ETF’s (XLK) 2.5% decline over the past three months. Also, the benchmark Nasdaq Composite declined by 5% over this period.
In light of these developments, we believe investors should steer clear of Reddit forum wallstreetbets (WSB) favorite software companies Fastly, Inc. (FSLY) and Sphere 3D Corp. (ANY) until the broader tech industry stabilizes.
