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The markets and ETFs wobbled early this week as investors refrained from investing in riskier technology stocks on fears of possibly weaker global economic growth. Maybe the new shiny smartphone may distract investors from all the bleak news?

On Tuesday, all major indexes were weighed down by loses, most notably in the technology sector, reports Peter A. McKay for The Wall Street Journal. Sectors hovered around the break-even point on concerns over the long-term demand prospects. A deep cut in the Dow and lingering concern over Europe’s debt crisis have investors worrying about a possible stall in the U.S. growth.

Is this a blip on the tech radar or a sign of trouble ahead? It may only be a blip, but the true answer may not become apparent for awhile, since IT spending in companies is among the last of the expenditures to be slashed.

The new Apple (NASDAQ:AAPL) iPhone 4 will be on sale June 24 and it’s a beaut, with a homegrown processor like the one in the iPad, a longer battery life, a new 5 megapixel camera, a camera on the front of the phone and many more new features, writes Marguerite Reardon for CNN.

  • Technology Select Sector SPDR (NYSEARCA:XLK)
  • iShares Dow Jones U.S. Technology (NYSEARCA:IYW)
  • Vanguard Information Technology (NYSEARCA:VGT)
  • iShares S&P North America Technology (NYSEARCA:IGM)
  • PowerShares QQQ (QQQQ)
  • First Trust NASDAQ-100 Technology (NASDAQ:QTEC)
  • SPDR Morgan Stanley Technology (NYSEARCA:MTK)
  • PowerShares Dynamic Telecom & Wireless Portfolio (PTE)
  • Vanguard Telecom Services (NYSEARCA:VOX)
  • iShares Dow Jones U.S. Telecommunications (NYSEARCA:IYZ)

Max Chen contributed to this article.

Disclosure: None