🔴 Tech ETF (XSD) is trading 1.64% down in pre-market as strong PMI data fuels rate-hike concerns

XSD is trading at $518.80, down 1.64% in pre-market, as strong September S&P Global Composite PMI data accelerated rate-hike concerns.

• Activity reached 58.4, its highest since July 2021.
• The 10-year Treasury yield surged to 5.106%, pressuring high-growth technology and semiconductor valuations.
• Broader risk-off trading reinforced the decline: Nasdaq futures were down 1.15%, while investors awaited initial jobless claims.