Citi Quants Say Tech Stocks Are a Safe Spot as Recession Looms

-- Growth stocks are the place to be for the long term, despite higher-for-longer interest rates, because they are more resilient in the face of recession, according to Citigroup Inc. quantitative strategists.Apple Considered, Rejected Switch to DuckDuckGo From Google

“We continue to prefer growth in the longer-term,” Li wrote in a note. “It carries less overall macro risk and may provide more downside protection in a recessionary environment, while fully realizing the short-term risk of further rising interest rates.” The strategists’ calls come after a bad few months for tech, with the Nasdaq 100 down 6.7% from its July peak through the latest close. The gauge is still up 35% this year, though most of the gains are attributable to a handful of names.

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