File - Traders work on the floor of the New York Stock Exchange, Friday, April 11, 2014. (AP Photo/Richard Drew)
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A sell-off of U.S. high-growth technology and biotech shares could leave investors braced for more than a minor pullback when earnings pick up speed this week.Profit growth for Standard & Poor's 500 companies is now projected at just 0.9 percent in the first quarter compared with a year ago, down from a Jan. 1 forecast of 6.5 percent growth, Thomson Reuters data showed.This week, 54 S&P 500 companies are scheduled to report first-quarter earnings, compared with 29 last week.Investors in U.S.-based funds put $8.9 billion into stock funds in the week ending April 9, the biggest net inflow in four weeks. At the same time, funds that mostly hold U.S. Treasuries reported outflows for the first time in four weeks, according to Thomson Reuters data Thursday.The Nasdaq biotechnology index fell for the seventh straight week.High-growth companies, mostly in the tech and biotech sectors, led 2013's rally, leaving them with some of the market's highest valuations.
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