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Why tech stocks are proving resilient despite ongoing banking crisis

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Why tech stocks are having a scorching-hot week of gains as banks keep failing

are poised to close the week up 12%, while Amazon and Apple are up 8% and 4%, respectively.

But that dynamic has been completely flipped. The past week has not only seen fall of SVB, Signature Bank, and Silvergate Bank, but alsoAlso helping tech stocks this week was news that the Biden administration would . Shares of Meta were up 4% on the news Thursday, while Snap and Pinterest shares were up 4% and 7% respectively.

Tech stocks are highly sensitive to directional moves in borrowing costs, with any spike in rates often hurting high-growth names.

 

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Wall Street once again invents a narrative to somehow explain WTH just happened. 😀

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