Tech “has already gone through a re-pricing, which means it looks attractive relative to the rest of the market”, Sam Stovall, chief investment strategist at CFRA, told Bloomberg.
“Technology’s resilience has caused the sector to extend gains above areas thought likely to stall out,” Fundstrat Global technical strategist Mark Newton said, helped by Apple closing at a 2023 high on Thursday. Apple slipped 0.6 per cent on Friday. Newton said such a dispersion in sector leadership doesn’t have to be bearish for stocks indices this time around. “However, the next stage of the rally will demand strong participation out of many of the groups which have faltered lately, with financials being most important given their size within the benchmark.
“Apple firmly remains our top tech pick for 2023,” Ives also said. :Tesla remains our favourite disruptive tech name.”