Siebert Financial sees technology selloff as market rotation, not systemic panic
SIEB•Siebert Financial said last week’s technology selloff reflected market rotation rather than systemic panic. The Nasdaq fell 4.5% for the week, while the Dow rose 0.7%; eight consecutive declines erased roughly $2 trillion from the Philadelphia Semiconductor Index, which remained up nearly 60% this year.
1. Market rotation view
Siebert Financial said last week’s technology selloff reflected market rotation rather than systemic panic, contrasting it with the 1987 crash. The Nasdaq Composite fell 4.5% for the week, while the Dow Jones Industrial Average gained 0.7%.
2. Market and portfolio risks
Eight consecutive declines erased roughly $2 trillion from the Philadelphia Semiconductor Index, which remained up nearly 60% this year. The 10-year Treasury yield fell from 5.24% to 5.09%, signaling continued demand for bonds as a safe haven. Siebert said concentrated technology exposure remains a portfolio risk and that third-quarter earnings will help distinguish price declines from deteriorating fundamentals.
