Never mind the carnage. One analyst says the second phase of the economic rebound, during the second half of this year and into 2021, will “supercharge” the...
On no obvious catalyst, the winners of 2020 were absolutely hammered on Thursday — a sea of red for the likes of Apple, Microsoft, Tesla TSLA, -2.09% and Zoom Video Communications ZM, -4.91%. And the selling wasn’t limited to technology stocks — small-caps RUT, +1.13% and value stocks VLUE, +1.02% also fell. Only a few hard-hit travel stocks actually rose.
Ives says the second phase of the economic rebound, during the second half of this year and into 2021, will “supercharge” the fundamentals and growth trajectories of well positioned tech stocks. “We view this next phase resulting in Street numbers moving higher and a further rerating of tech stocks as the ‘risk on’ trade and hunt for secular growth stories will be the focus for tech investors looking out as we head into the fall, despite volatility and general nervousness around U.S.
“The broadly positive reading will provide welcome relief to jittery markets as it serves as further evidence of an economic recovery, with the fall in the unemployment rate being the highlight,” said Sam Cooper, vice president of market risk solutions at Silicon Valley Bank.
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