Popular tech stocks are facing “tech angst” due to concerns in the software sector. Long-biased investors are cautious. IT is trading at its lowest valuation premium to the S&P 500 post-pandemic. Megacap tech PEG ratio has declined. Salesforce and Workday stocks are down. Alphabet is a bright spot, with Google leading the AI race.

Google strikes a major deal with Apple for AI technology. Memory stocks like Micron and Sandisk are strong performers. Tech stock angst may persist unless capex plans are scaled back or show significant returns. The “Mag 7” are now the “Lag 7” due to high capex concerns. Analysts do not expect a moderation soon. 1. The U.S. economy added 850,000 jobs in June, exceeding expectations and signaling a strong recovery from the pandemic. Unemployment rate rose slightly to 5.9%, with notable gains in leisure and hospitality sectors.

2. Tropical Storm Elsa has made landfall in Florida, bringing heavy rain and strong winds. Several counties have issued evacuation orders and warnings, with power outages reported in some areas. Residents are advised to stay indoors and prepare for potential flooding.

3. A new study suggests that mRNA vaccines, such as Pfizer and Moderna, provide strong protection against the Delta variant of COVID-19. Data shows that two doses of the vaccine offer more than 90% effectiveness in preventing severe illness and hospitalization.

4. The Tokyo Olympics will be held without spectators due to a surge in COVID-19 cases. The decision was made to prioritize the safety of athletes and staff. This marks the first time in history that the Olympics will be held without fans in attendance.

Read more at Yahoo Finance: Tech stocks are confronting a challenge they haven’t had to worry about in a while