Stocks are well off their recent lows, but CIO Jimmy Chang says the ongoing rally is misleading.
This can be seen in the relative performance of the benchmark S&P 500, which is up 7% from its recent March low, and the more tech-heavy Nasdaq 100, which has gained 13% — nearly double — over the same period. "A lot of people are hiding there and looking at these mega-cap tech stocks as the new staples, but the fact is technology stocks historically are not immune to the downward pressure of a recession," he explained.
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