That shouldn't have been a surprise to anyone, because all the background was in place for that to happen what with rising interest rates and consumer spending where it's at, ... We may be seeing the beginning of a real slowdown in the housing market. That's a big concern.
If you believe that higher interest rates will put a brake on the economy, the whole tech sector is highly susceptible because companies are going to be spending on tech-related items depending on where the economy is going.
In reality, it won't matter as much because other elements like spending and consumer sentiment look good and that will keep the upward pressure on interest rates.
These numbers combined with yesterday's ... gives the Fed a lot of ammunition to raise interest rates and if you have, at the same time, the economy slowing, that's just going to make a really difficult environment for stocks.
A good number will confirm the upward bias for interest rates and higher rates are a headwind for equity prices.