Markets Are Less Reliant on Mega-Cap Tech to Move Higher

Markets Are Less Reliant on Mega-Cap Tech to Move Higher

Alec Young, chief investment strategist at MAPsignals, tells BNN Bloomberg he is still positive on tech, but his call for the second half of 2023 is a broadening of the market rally to other sectors like financials, industrials and energy.

He says the stronger earnings growth of tech stocks over the broader S&P500 justifies their valuation premium. He adds that a 25bps hike by the Fed this month is “baked in the cake” and that the US job market is now in a “Goldilocks” situation where gains are neither too high nor too low.