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Tech Stocks Are A Juggernaut
Juggernaut is the best word to describe technology stocks nowadays as the biggest names in the sector have gone parabolic, lifting the Technology Select SPDR Fund (XLK) for a 13.4% year-to-date gain. The surge in growth names can be attributed to a number of factors, from short squeezes to the herd chasing performance; unlike the past, it’s harder to complain about the earnings proposition and potential.
Unstoppable Tech Stocks Include:
There is a lot of frustration with respect to how much money technology companies are holding onto with Apple prepared to announce $250 billion in its coffers today. We can’t take the money from them, and we can’t make them bring the money back home. They are borrowing against it largely to buy back their stocks, which will put an emphasis on not only removing our reparation tax system but also lowering other regulations.
Meanwhile, tech is driving the way. The NASDAQ Composite Index reached a fresh all-time high as 172 names hit 52-week highs against 46 stocks that tumbled to new 52-week lows, underscoring the extreme hit-or-miss action in the market on Monday. The enthusiasm was best exemplified by the up volume, 81% of the total; without a doubt, buyers were more energized.
The rest of the market was bogged down by all the economic data out yesterday, coming in below consensus estimate.
There is no doubt the stakes are sky-high for the market during President Trump’s second (100 days) as the Atlanta Fed is looking for a 4.3% Gross Domestic Product (GDP) growth.
Actually, I am looking for a 3.5% growth; with all the data out this week, including the jobs report, it will weigh heavily on the outcome.
In the meantime, the reaction in the after-market points to why investing can be so bedeviling. Advanced Micro Devices (AMD) matched its consensus and offered better current quarter guidance, and its shares were hammered in after-hours trading.
After the close, Angie’s List (ANGI) rocketed higher by 41% on word that InterActive Corp (IAC) is preparing a bid. Additional companies that probably will be taken over are high on the acquisition lists:
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