When Apple shares plunged 10 per cent last Thursday, it wasn't just about Chinese consumption worries, or global growth worries, or iPhone sales worries. It was also about something much more structural: no real tech left in the tech sector. And on a technical level, the tech sector not really existing any more. (At least not in the way it used to.) In September, indexing behemoths S&P Global and MSCI gave the Global Industry Classification Standard (GICS) -- the industry taxonomy that classifies stocks into sectors, which then form indexes tracked by billions of dollars' worth of ETFs -- its biggest ever shake-up. In the S&P 500, 13 stocks from the "Consumer Discretionary" sector, six from "Information Technology", and three from "Telecommunication Services" (which is now extinct) were
FT Alphaville considers the following as important:
This could be interesting, too:
FT Alphaville writes America has never worried about financing its priorities
Tyler Cowen writes Might there be a new eurozone-China recession?
Tyler Cowen writes A new World Bank rumor
FT Alphaville writes Was AMLOve just EM investors’ summer fling?
When Apple shares plunged 10 per cent last Thursday, it wasn't just about