The technology sector, represented by the Technology Select Sector SPDR Fund ($XLK), has shown concerning performance trends, particularly in comparison to the S&P 500 ($SPY). Recent data indicates that $XLK has hit and rejected the peak levels seen during the Dot-Com bubble for three consecutive months. Additionally, large-cap technology stocks underperformed in the third quarter and started the fourth quarter with flat performance in September. Despite the Russell 2000 index showing gains, small-cap tech stocks have declined in 2024. As of the end of October, technology has relinquished its year-to-date lead, falling to second place, while utilities and energy sectors have shown stronger performance, with energy notably up month-to-date. Overall, large and small-cap stocks closed the month of October in the red, reflecting a broader trend of underperformance in the tech sector over the past 18 months.