
It is absolutely no secret that the technology sector has been crushed recently. As of the Mar. 12 close, the Technology Select Sector SPDR Fund (NYSEARCA: XLK) is down nearly 13% from its Feb. 19 close.
Many stocks that had performed well and reached new highs in early 2025 have sold off extensively. This includes ad-tech company AppLovin (NASDAQ: APP) and legacy tech company Hewlett Packard Enterprise (NYSE: HPE). AppLovin is down 48% from its Feb. 13 high, while HPE has retreated 39% from its Jan. 22 high.