The Destiny Tech100 Inc. ETF is experiencing downward pressure as the broader technology sector faces a challenging trading environment on December 17, 2024. The tech-heavy Nasdaq Composite, despite hitting a record high on Monday, opened lower as investors brace for the Federal Reserve's two-day policy meeting. The anticipation of potential interest rate cuts has created uncertainty, impacting large-cap technology stocks. Notably, shares of AI chipmaker Nvidia have extended their decline, entering a technical correction, which has contributed to the negative sentiment surrounding tech stocks. Additionally, Bank of America's downgrade of Microchip Technology has added to the sector's woes, further influencing the ETF's performance.
The broader market is also under pressure, with the Dow Jones Industrial Average poised to continue its longest losing streak since 1978. The S&P 500 and Nasdaq futures are both pointing to a lower open, reflecting investor caution ahead of the Fed's decision. The mixed performance of large-cap tech stocks, with Tesla gaining amid optimism about its future prospects, contrasts with declines in other major players like Apple, Microsoft, and Amazon. This mixed sentiment in the tech sector is a significant factor affecting the Destiny Tech100 Inc. ETF.
The Destiny Tech100 Inc. ETF is currently priced at $66.60, marking a 3.85% decrease from its previous close.