State Street Technology Select Sector SPDR ETF is trading at $183.33 (+1.68%) in pre-market action as investors seek bargains following a sharp multi-day selloff tied to rate-hike fears.
- The recovery follows a $1.3 trillion wipeout in semiconductor market value and a decline of more than 4% in the Nasdaq last week.
- The upward move reflects short-covering in mega-cap technology and chip stocks rather than fresh fundamental catalysts, as no new macroeconomic data is scheduled for release.