The bumpy ride in equity markets continued this past week as U.S. equity indices broadly dipped lower for a third straight week of losses. The recent uptick in volatility has been chalked up to several factors including faltering tech heavyweight stocks, heightened political tensions, a continued stalemate on fiscal stimulus, and an uptick in coronavirus cases that have collectively weighed on investor sentiment following a strong market rally since March that has left most financial markets at high valuations.

U.S. equities logged a second consecutive week of losses for the first time since March as market participants continued to pull back from highflying tech stocks that had fueled much of this year’s broad market gains.

Equity markets have taken a step back from their recent breakneck rally as volatility reemerged last week with the red hot technology sector taking the brunt of the pain as investors worried about overbought conditions and crowded trades in some areas of the market.

U.S. equities continued their upward momentum this past week amid improving economic data and Jerome Powell’s Jackson Hole speech in which he signaled an era of looser monetary policy with rates kept low for an extended period to allow time for the economy and labor market to heal in the wake of the pandemic.

The stock market rally rolled on this past week as another move higher for the tech heavyweights lifted the S&P 500 to clinch a new all-time high.