$Invesco Nasdaq 100 ETF(QQQM.US) and $Spdr Select Tech(XLK.US) basically didn't move; the spread between these two broad-based funds with similar weight structures is less than one basis point.
The tech fund has higher weights in hardware and semiconductors, closing slightly weaker, which corresponds to pressure starting to spill over from the AI hardware sector. The selling of Asian chip stocks hasn't fully transmitted to US broad-based indices yet.
Monitoring this spread is more meaningful than watching absolute price changes: if the spread continues to widen, it indicates selling pressure spreading to heavyweight stocks; if it converges back, it suggests it was just a regional emotional release.
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