🔴 WARP ETF (WARP) is trading 1.8% down today as communication services underperform

WARP is trading 1.8% down today as communication services, its largest sector exposure at 44.9%, remains under pressure.

• Netflix’s Wells Fargo downgrade and concerns about weakening engagement are weighing on entertainment stocks.
• Telecom and other consumer-sensitive communications companies remain weak, offsetting gains in Meta and Alphabet.
• Elevated fuel prices and interest rates are raising concerns about household budgets and subscription spending.