NEW YORK, July 12 — Tech stocks were going strong even before Covid-19, but behavioral shifts during the pandemic have lifted the sector further into the stratosphere, leaving the broader stock market far behind. The tech-dominated Nasdaq Composite Index has closed at records in six of the...
The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York March 9, 2020. — Reuters pic
“There’s clear winners and losers right now in the market,” said Dan Ives, an analyst at Wedbush Securities, who thinks the biggest tech giants could still gain another 30 per cent this year.Technology companies are a “pocket of certainty” in a time of economic weakness, said Quincy Krosby, chief market strategist at Prudential Financial.
The CEOs of Apple, Google, Facebook and Amazon are scheduled to appear on July 27 at a Capitol Hill hearing on antitrust issues, possibly raising concerns that the government’s interest will move beyond political noise. While airlines and cruise companies saw revenue drops of 90 per cent or more during parts of the second quarter, tech giants such as Amazon and Netflix are projected to see gains of more than 20 per cent, according to Wall Street analysts.
As the Covid-19 crisis spread, the index removed motorcycle company Harley-Davidson and department stores Nordstrom and Macy’s, replacing them with less familiar names like Tyler Technologies and Bio-Rad Laboratories. Silverblatt declined to comment on speculation that Tesla will soon be added to the S&P 500, but one of the criteria is to post profits over four consecutive quarters, a requirement Tesla could meet when it reports results on July 22.
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