The Federal Reserve's interest rate cut triggered fluctuations and corrections in tech stocks, with funds flowing into undervalued sectors

ChainCatcher news, according to Jinshi reports, on Wednesday, the soaring technology stocks on Wall Street experienced profit-taking, and funds began to flow into lower-valued sectors. The Federal Reserve lowered interest rates as expected, with Chairman Powell describing this rate cut as an "extraordinary" situation, amid a weak labor market and high inflation. The basket of stocks tracking the "seven giants" fell by 0.4%, ending a four-day winning streak. Ivan Feinseth, Chief Investment Officer of Tigress Financial Partners, stated that the market's excessive desire for rate cuts has led to overvaluation of technology stocks, necessitating an adjustment.