Investors are cashing out profits from US tech stocks at a record pace

According to institutional analysis, so far in July, the equal-weight Nasdaq 100 index has underperformed the equal-weight S&P 500 index by 6.8 percentage points, on track for its worst single-month relative performance on record. This follows four consecutive months of outperformance by equal-weight tech stocks. Over the past 20 years, there has never been a case where the average performance of tech stocks lagged behind the average performance of the S&P 500 by more than 5 percentage points. Meanwhile, the equal-weight S&P 500 index has risen 2.2% so far this month, hovering at historically high levels. In contrast, the equal-weight Nasdaq 100 index has fallen 4.6%, approaching its lowest level since mid-May. Investors are cashing out profits from tech stocks at a record pace. (Jin Shi)