Tech stocks rebound as investors climb ‘wall of worry’

Global technology shares are staging a strong recovery from a ruthless sell-off earlier this year as investors defy the turbulence in bond markets to pounce on beaten up growth stocks, supporting aIn the first two weeks of March, the technology-heavy Nasdaq Composite dived 8.

While the yield on the two-year note, which is influenced by short-term interest rate expectations, surged 12 basis points to 2.45 per cent, the Nasdaq managed to advance 0.3 per cent. “In an inflationary and rising interest rate environment, investors are over that visionary growth and are now looking for fundamentally sound stocks which are turning a profit,” said Russel Chesler, head of investments and capital markets at VanEck.

Strategists say the next test for the major tech companies will be US earnings season which kicks off next week.

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