This Year has been Rough on Tech Stocks
#technology #stocks #inflation
The NAS Comp and 100 Indexes have erased their Y 2021 gainers 2X this yr. The benchmark dove 3.1% Thursday, wiping out its rally as inflation concerns is shaking investors, triggering a selloff in bonds and hammering US growth stocks.
Investors have signaled that growth stocks would be among the hardest hit during the rotation into value issues.
Valuations are pretty rich in the tech sector as the sector has had a good run since 23 March 2020, so this selloff can take some of the froth off out of it, But, longer-term, there is some scope for advance.
The NAS rose 48% last yr as high-flying tech stocks emerged winners on low interest rates and global lockdowns that forced consumers to embrace online shopping and a broader shift to the digital world during the VirusCasedemic, that need is fading now partially to the vaccine rollout and opening up of the economy.
Thursday, the benchmark US stock market indexes finished at: DJIA -153.07 to 32862.30, NAS Comp -409.03 to 13116.19, S&P 500 -58.66 to 3915.46.
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged and on the NAS at 5.6-B/shares
HeffX-LTN's overall technical outlook for the major US stock market indexes is still Bullish with a Very Bullish bias, sans the NAS, which has turned Neutral.
Russell 2000 +14.8% YTD
DJIA +7.4% YTD
S&P 500 +4.2% YTD
NAS Comp +1.8% YTD
Looking Ahead: There is no economic data of note scheduled for Friday.
Have a healthy day, Keep the Faith!
#DIA, #DJIA, #RUT, $RUTX, #QQQ, #VXX, #VIX, #stocks, #rotation, #growth, #valus, #inflation, #economy, #VirusCasedemic, #technology, #bonds, #investors,
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