After a Tech Rout, Stock Funds Hold a 9.9% Gain for 2026

Stock funds have posted a 9.9% year-to-date gain for 2026 despite a recent sell-off in technology shares, according to the reported headline. The reversal of tech weakness matters for the Nasdaq-100 (NDX) because the index is heavily concentrated in large-cap technology and growth names, so its performance tends to track shifts in risk appetite and the discount rate applied to long-duration earnings. A rout in these names compresses multiples when real yields rise or when earnings expectations are cut, and the fact that broader stock funds remain positive suggests rotation into non-tech sectors has offset some of the drag. NDX is therefore most exposed to any renewed pressure on mega-cap technology, while sectors less tied to AI-driven capital spending may be absorbing flows. Traders should watch the next Consumer Price Index release, since a hotter-than-expected print could revive rate-cut repricing and test whether the year-to-date cushion holds.

The Nasdaq-100 (NDX) is the US large-cap tech benchmark. NDX is more sensitive to rate decisions than SPX because of longer-duration cash flows, and heavily concentrated in Tech/Comms names — mega-cap earnings season dominates price action.

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