Investors are profit-taking in U.S. tech at record speed: equal-weight Nasdaq-100 has labeled equal-weight S&P 500 by 6.8 percentage points MTD through July, potentially its worst monthly relative performance on record. Equal-weight S&P 500 is up 2.2

2026-07-30

Investors are profit-taking in U.S. tech at record speed: equal-weight Nasdaq-100 has labeled equal-weight S&P 500 by 6.8 percentage points MTD through July, potentially its worst monthly relative performance on record. Equal-weight S&P 500 is up 2.2% MTD and near record highs; equal-weight Nasdaq-100 is down 4.6% MTD and near its lowest since mid‑May. Tech had outperformed for four months prior; in the past 20 years tech’s average has never labeled the S&P 500’s average by more than 5 percentage points.