According to institutional analysis, the equal-weight Nasdaq 100 has underperformed the equal-weight S&P 500 by 6.8 percentage points so far in July, which may be its worst monthly relative performance on record. The equal-weight S&P 500 is up 2.2% month to date and is near historical highs, while the equal-weight Nasdaq 100 has fallen 4.6% and is close to its lowest level since mid-May. Investors are taking profits from tech stocks at a record pace.