Reasons to WorryBehind the pessimism is increasing doubt that the Federal Reserve will move to cut interest rates any time soon. "Without a cut you won't see multiples expand in sensitive stocks like technology and retail," Snorek said. Also, a slowdown in telecom, whose business ripples throughout the technology food chain, has fund managers very worried. "Just look at the large percentage that communications contributes to many technology companies. It's a significant problem, and I'm surprised the market hasn't pulled back even more," says Pat Becker Jr. of Becker Asset Management.
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