Momentum breakdown in high-flying tech stocks and technical signals like falling below 50-day moving averages indicate upcoming weakness ahead.

"We largely lost on the same portfolio of trades that had strong outperformance in the second quarter"

"Oil prices are back to jumping on Wednesday, while sinking technology stocks drag Wall Street lower. The Nasdaq composite was 0.4% lower."

"Chip and memory stocks, sectors of the wider AI trade that have been in the spotlight this year, have floundered as investors take profits and flock to less volatile areas of the market. The S&P 500 and Nasdaq 100 recently slipped below their 50-day moving averages, a possible technical signal for upcoming weakness."