One theme that could continue to weigh on the sector for months to come is regulation.
Though talk of regulation has mostly focused on Facebook, the social network's data crisis could spill over to other big tech companies.
On Monday, Senate Judiciary Chairman Chuck Grassley called on Facebook's Mark Zuckerberg to testify at a hearing — he also called on Google CEO Sundar Pichai and Twitter CEO Jack Dorsey.
And U.K. lawmakers "may well" call on other big tech firms to give evidence related to Facebook scandal, Damian Collins, chair of Britain's Digital, Culture, Media and Sport select committee, told CNBC Wednesday.
Oliver Jones, markets economist at Capital Economics, said that regulation and protectionism were the two big factors causing the tech sector's recent under-performance.
"It is hard to say which factor will prove more damaging. But overall, our sense is that the operating environment for IT firms is going to get tougher," Jones said.
"So even if the price that investors are paying for their earnings is not excessive, share prices may remain under pressure as earnings themselves are squeezed."