Communication services sector heads for worst week since October 2023

The communication services sector is on track for its worst week since October 2023 as investors flee tech giants.

The sector’s weekly losses have totaled 4.63% as of Thursday’s close. Alphabet shares are among the notable losers, off 5.8% week to date, while Meta Platforms has dropped 4.9%.

The information technology sector is also limping into Friday, toting a 3.5% decline for the week. A 16.7% slide in CrowdStrike this week and a 4.8% tumble in Nvidia contributed to the sector’s losses.

Health care and utilities – traditionally deemed defensive plays – are the only two sectors in the S&P 500 that are positive for the week, up 0.77% and 0.48%, respectively.