Goldman Sachs Warns of Historic Tech Sector Selloff
Goldman Sachs specialist Peter Callahan reports the Nasdaq 100 and semiconductor stocks have suffered losses comparable to the dot-com bubble and the 2008 financial crisis.
Peter Callahan, the head Technology, Media, and Telecommunications specialist at Goldman Sachs, reported significant losses across the technology sector in a weekly note. The Nasdaq 100 closed down approximately 5%, marking its fourth consecutive weekly decline.
The PHLX Semiconductor Sector index experienced one of its largest rolling one-month drawdowns in history, with semiconductor stocks falling 28% over 22 trading days. Callahan noted that the pace of this decline is comparable only to a few major historical events since 1997.
These events include the dot-com bubble burst, the Global Financial Crisis, and the Covid-19 pandemic. The report flags these critical market levels as the sector continues to face steep volatility.
