The downturn in tech stocks Thursday and Friday may have been jarring, but the end effect was bringing overheated software and chip stocks back into line with the broader market.
By Friday’s close, gains in the Nasdaq were pared back to 7.7% from July 20, while the Dow was up 5.5%, and the S&P 500 was up 6.3%. Gains in tech were clearly driven by software sector as the iShares Expanded Tech-Software Sector ETF IGV, -2.94% rallied 17.1% from late July up to Wednesday, following strong earnings from companies like Salesforce.com Inc. CRM, -3.89% and Workday Inc. WDAY, -3.22%. Additionally, the First Trust Cloud Computing ETF SKYY, -2.70% gained 14.3% over that time.
Meanwhile, the ETFMG Prime Cyber Security ETF HACK, -2.57% rose on par with the S&P 500 with a 11% gain, following earnings from companies like CrowdStrike Holdings Inc. CRWD, -3.14% and Palo Alto Networks Inc. PANW, -2.70%
Don’t think so.
It’s a temporary recoil, but my charts show that the bulls will triumph again!
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