Institutions: Non-agricultural data may cause a sell-off in US technology stocks

Traders are keeping a close eye on the upcoming US non-farm payrolls data for June. Economists widely expect 110,000 new non-farm payrolls, the previous value was 139,000, and the unemployment rate may rise slightly to 4.3% from 4.2%. Jay Hatfield, chief executive of Infrastructure Capital Advisors, pointed out that if the non-farm payroll data fails to meet expectations, funds may shift from highly valued technology stocks to value stocks. "There may be uncertainty in the market," he said. "In the game of falling technology stocks and rising value stocks, because technology stocks account for 40% of market capitalization, it tends to lead to a lower overall market." But he added that the weak data could also prompt the Federal Reserve to cut interest rates earlier than July.