Tech sector drops 4.8% in first week of July, worst performer among S&P 500 sectors.

In the first week of July, the Technology sector fell 4.8%, making it the worst-performing sector among the S&P 500. Industrials, Consumer Discretionary, and Materials also declined but to lesser extents. Notably, 22 stocks that more than doubled in the first half of the year have dropped an average of 16.3% so far this month, with 20 of these stocks in the red. This decline highlights a shift in market momentum early in the second half of the year.