Tech and Industrial Stocks Lead Thursday Selloff Amid Renewed Concerns Over Interest Rates and Earnings Durability

Technology and industrial stocks led the market selloff on Thursday, with the Technology & Communications sector down 1.9% and the Industrial sector down 1.6%. Weakness in tech was centered in growth names and communications equipment stocks, while industrial stocks were impacted by semiconductor capital equipment and advanced manufacturing trends. Applovin Corp and Ciena Corp were among the largest losers, down 10.4% and 10.3% respectively. The Technology Select Sector SPDR ETF (XLK) and Industrial Select Sector SPDR ETF (XLI) also fell, down 2.8% and 2.1% respectively.