A police car drives near The Nasdaq in Times Square as people remain at home to stop the spread of coronavirus on March 29, 2020 in New York City. President Trump has extended the social distancing guidelines to April 30.Tech giants led major indexes lower during September's sell-off but the sector is poised to rebound in the coming months, Seema Shah, chief strategist at Principal Global Investors, said Wednesday.
The Federal Reserve's plan to keep interest rates near zero for the foreseeable future will stifle bond yields and create a favorable environment for tech valuations, Shah added.With the recent tech sell-off out of the way, a top strategist expects the mega-cap stocks to rally higher into 2021. Yet the recent downturn should only be regarded as"a natural speed bump for the sector," Seema Shah, chief strategist at Principal Global Investors, said Wednesday. The economic backdrop remains favorable for the FAANG coalition and other tech giants, and Shah sees three reasons the stocks will outperform in the months ahead.Self-taught market wizard Richard Dennis took a $1600 loan and turned it into an estimated $200 million.
"As such, the acceleration of digital trends for business, education, and households in the wake of the pandemic is unlikely to fade anytime soon," she wrote."The stay-at-home trade is still in vogue."The initial bounce in economic activity has played out, and most developed nations now face a slower and more challenging recovery. There is"still some way to go before the global economy returns to pre-pandemic levels," the strategist said.
Some mid- and large caps up big after hours. ◦+16.1% EXTR (Extreme Networks $4.77, +0.66) -- guidance ◦+8.3% HCA (HCA $142.75, +10.92) -- guidance ◦+5.1% NXPI (NXP Semiconductors $141.70, +6.87) -- guidance
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