Tech Sector Poised to Snap Record 14-Week Winning Streak

NYSE Trader
NYSE Trader

U.S. stocks are on track for their second consecutive week of losses, with the S&P 500 and Dow down about 2.3 percent in that period.

At the current levels, both indices are poised for their worst two-week period since Nov. 25, when they fell 8.3 percent and 7.6 percent, respectively.

Within the S&P index, tech might have its first down week this year.

The sector threatened to drop last week, but ended barely to the upside, up 0.05 percent. With this week’s 1.6 percent decline, the tech sector may snap 14 straight weeks of gains — its longest winning streak on record.

Apple, which is up 50 percent in 2012, has not helped the broader sector’s performance this week. The tech giant is down nearly 4 percent in the last 5 sessions, snapping its own 12-week winning streak and posting its worst week since Nov. 11.

Each of the 10 S&P 500 sectors are currently down for the week, with health care and energy leading the declines. The last time all 10 sectors were down in a week was during the period ending Dec. 16, 2011.