Tech stocks are heavily exposed to China, which could put gains at risk, according to Piper Sandler. S & P 500 large-cap companies have a near-record reliance to sales in China at a time when the country is still contending with a slump in the real estate industry, as well as a greater push by Beijing to buy domestic, the firm's chief global economist Nancy Lazar wrote in a Wednesday note.
In April, the VanEck Semiconductor ETF has dropped about 7%, underperforming the S & P 500's more than 3% decline during the same period. Shares of Advanced Micro Devices and Intel have plunged more than 15% and 21%, respectively, this month. "S & P large caps have near-record exposure to a China that is wobbly economically, with an increasingly authoritarian Heavy Hand of regulation," Lazar wrote Wednesday. "Some sectors/companies look particularly vulnerable.
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