Tech led the summer rally, and it needs to keep up the momentum if the market is going to continue higher into September, strategists say.
The S & P technology sector scored a roughly 13.5% gain in July. Those stocks are represented in the Technology Select Sector SPDR fund , which was down about 0.6% in the first two trading days of August so far. "Tech led the overall broad-based rally in July, so it definitely needs to play an important role if this rally is going to continue through August and into September," said Scott Redler, chief strategic officer of T3Live.com. "First they have to prove they can hold.
Tech and growth names can command higher prices because investors are willing to pay up for future earnings. But those high price-to-earnings ratios are challenged when interest rates rise and the cost of money goes up. Tech shares were pounded when yields moved higher in the first half of the year, but the stocks began to bounce back as yields fell in July. The tech sector is still down about 18% in 2022.
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