SKYY - Technology ETFs tumble alongside the Nasdaq as Meta contagion grips market

February, 03 2022 03:02 PM First Trust ISE Cloud Computing Index Fund

Technology exchange traded funds sold off on Thursday as the sector showed a 2.4% decline in late-day trading, falling alongside the Nasdaq (COMP.IND), which was down 3.1% headed into the close. A calamitous earnings report from Meta Platforms (NASDAQ:FB) sparked selling throughout the tech complex. Tech ETF selling was seen across the entire sector, from large-cap benchmark funds to the semiconductor space, software funds, and specific thematic funds. Benchmark index funds such as the Invesco QQQ ETF (NASDAQ:QQQ) found themselves trading down 3.6% as one of its key holdings Meta Platforms (FB), remained under pressure, dropping 26.3% on the day. The semiconductor market had been one of the best stories for investors coming into 2022, but it halted on Thursday, with funds such as the iShares Semiconductor Sector Index ETF (NASDAQ:SOXX) and VanEck Vectors Semiconductor ETF (NASDAQ:SMH) both down 3.7%. From a software stance, funds such as Global X Cloud Computing ETF (NASDAQ:CLOU) and First Trust Cloud Computing ETF

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Technology ETFs tumble alongside the Nasdaq as Meta contagion grips market

Company Name:	First Trust ISE Cloud Computing Index Fund
Stock Symbol:	SKYY
Market:	NASDAQ

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