The industry continues to grow through innovation as more shift to cloud, progress into artificial intelligence and adopt internet of all things devices. Additionally, the tech sector is the primary driver of S&P 500 earnings growth this year.
“The technology sector, which saw $1.6 billion inflows in October, was responsible for driving the bulk of earnings growth in Q3,” said SSgA. “Without technology, Q3 earnings for the S&P 500 Index would have grown at just 2%. Tech’s earnings sentiment has been strong, and the sector had the highest percentage of companies beating earnings expectations for the 6th consecutive quarter.”
For more information on the tech sector, visit our technology category.
Tom Lydon’s clients own shares of Apple, Facebook and Microsoft.