Tech stocks had a strong start to 2023. The upcoming round of quarterly earnings is likely to determine if the rally is justified.
“We are going to go through a phase today where there is going to be a normalization of demand,” Microsoft Chief Executive Satya Nadella said last week. “We in the tech industry will have to get more efficient—it’s not about everyone else doing more with less, we will have to do more with less. We will have to show our own productivity gains.”
The sector has benefited from hopes that the Fed will soon reverse course on its tightening campaign. The 10-year Treasury yield recentlyAdditionally, the dollar has weakened meaningfully of late, after the The large weighting of tech stocks presents a fresh risk to index funds in a weaker operating environment, said Ryan Grabinski, investment strategist at Strategas Research Partners. “Those top stocks had been carrying their earnings weight for years,” referring to their share of profits matching their share of market value.
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