State Street Technology Select Sector SPDR ETF is trading 5.1% down today as investors rotate out of growth sectors amid renewed fears of higher-for-longer Fed interest rates.

  • The decline follows strong labor data that bolstered expectations for tighter policy, causing the Nasdaq Composite to lead broader market losses.
  • Tech shares are giving back previous gains as momentum fades for the AI and semiconductor rebound, with traders reassessing rich valuations ahead of key inflation data.