Battered technology and growth shares have shrugged off rising bond yields to drive a rebound in world stocks as some investors view them as a hedge to inflation against the backdrop of supply-chain snarls and an intensifying war in Ukraine.
Higher interest rates typically hurt tech and growth stocks as their valuations rely more heavily on future cash flows. The tech-heavy Nasdaq index is down nearly 10per cent year-to-date, steeper than the 4per cent decline in the benchmark S&P 500. "High operational gearing, sticky consumer and global footprint lends itself to some sympathy," said Mark Taylor, sales trader at Mirabaud Securities.
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