It's been a brutal year for tech, as markets flee growth stocks in the face of rising interest rates and other headwinds. The tech industry has also been hit by layoffs, with Meta last week announcing plans to cut more than 11,000 jobs . Amazon is also said to be laying off workers. With inflation figures rising less than expected , however, Big Tech stocks rallied last week on investor hopes that a peak is in sight. The Nasdaq Composite surged 7.
BlackRock BlackRock said that 2023 "could well be the year to upend almost three years of growth and tech stocks moving in virtual unison." Because of economic headwinds this year, BlackRock said, relative valuations may now appear more attractive than in recent years, with growth and tech stocks currently undervalued. The world's largest asset manager, however, recommended investing with more precision than simply buying growth or tech.
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Source: CNBC - 🏆 12. / 72 Read more »