Tech stocks experienced significant selling pressure last year due to the Fed’s aggressive interest rate hikes. However, most have bounced back strongly this year, driving the 32.7% year-to-date gains for the tech-heavy Nasdaq Composite.
With inflation easing considerably since last year and the Fed contemplating whether it would be necessary to raise interest rates again in September, the sector will likely witness a turnaround. Amid this backdrop, it could be wise to add tech stocks Murata Manufacturing Co., Ltd. (MRAAY), Logitech International S.A. (LOGI), and GoPro, Inc. (GPRO) to one’s watchlist.
