“The tech surge is far from over, say analysts and traders who see even more record highs ahead for some of the sector’s biggest names. The Nasdaq composite hit yet another intraday all-time high on Monday, marking the index’s 21st record-setting day this year. Tech stocks were again the main drivers behind the new Nasdaq record, with names like Alphabet making the biggest positive point impact on the index,” according to CNBC.
“Heading into the first quarter 2017 earnings season, the S&P 500 information technology sector is expected to expand to 16.5 percent according to S&P Capital IQ consensus estimates, representing the highest growth in the index after energy and ahead of the S&P 500’s 9.9 percent,” said CFRA Research in a note out Monday. “While, energy is projected to bounce back from a prior loss, technology is likely to be a top three growth leader for the S&P 500 index for the third quarter in a row, according to Lindsey Bell, an investment strategist at CFRA Research.”
The aforementioned VGT allocates over 13% of its weight to chip stocks.
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Tom Lydon’s clients own shares of Apple.