Technology companies have regained their footing in recent months as volatility dissipated and investors renewed their focus on a beaten up growth category, with the Nasdaq Composite and the PowerShares QQQ (NasdaqGM: QQQ), which tracks the tech heavy Nasdaq-100 Index, both making new highs.

The same can be said of the Technology Select Sector SPDR (NYSEArca: XLK). XLK, the largest technology exchange traded fund by assets, surged 4.2% last week, bringing its year-to-date gain to about 15.2%.

SEE MORE: 46 Tech ETFs to Tap Into Big Growth Names

Last week’s bullish action in the technology sector, the largest sector allocation in the S&P 500, was the first sign of credible upside in the group since Election Day.

However, President-elect Trump’s fiscal policies could bolster growth and fuel inflationary pressures, which has prompted speculation of Federal Reserve interest rate hikes and a strengthening U.S. dollar. Consequently, with an appreciating USD, large multi-national companies could experience lower profits and sales in overseas markets, and technology companies in the S&P 500 receive almost 60% of their revenue outside the U.S., the Seattle Times reports.

“This is good news for investors as the Technology sector had been lagging a bit. It now seems to have found its stride. The Semiconductors Sector made its move to new highs yesterday and now the NASDAQ 100 (NDX) and PowerShares QQQs ETF (NASDAQ:QQQ) are knocking on the door,” according to See It Market.

Technology Select Sector SPDR (NYSEArca: XLK)

Technology Select Sector SPDR (NYSEArca: XLK)

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