In a note published on Wednesday, DataTrek co-founder Nicholas Colas compared the relative outperformance of the S&P Tech Sector to the S&P 500 and found that while 2020's rally in tech shares has been historic, it pales in comparison to the 2000 bubble.
At its peak 200-day return on September 1, technology stocks outperformed the S&P 500 by 31.6%, DataTrek highlighted. Notable rallies in the past include in July 2003, when tech stocks outperformed the S&P 500 by 27.6%, and in 2009, when they outperformed by 20.6%.In 2000, at the height of the dot-com bubble and for the 200-day period ending March 27, tech stocks outperformed against the S&P 500 by 59.1%, nearly double today's read of 31.6%, according to DataTrek.
History suggests that while the rally in tech stocks is historic, heading into year-end, at worst the sector will likely be a market performer, and at best "it certainly has enough room to continue to lead," Colas concluded.
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