Despite the Fed’s hawkish stance, tech stocks have regained a degree of price stability of late. Since investors seem to have absorbed most of the market negatives, the industry might rebound soon on steady demand for tech products and services. According to the Computing Technology Industry Association, the U.S. tech industry is estimated to register a 2% increase in jobs this year.
With continuing hybrid lifestyles and rapid worldwide digitization, the demand for tech products is expected to soar. Investors’ interest in the tech industry is evidenced by the Technology Select Sector SPDR ETF’s (XLK) 7.8% returns over the past month compared to SPDR S&P 500 Trust ETF’s (SPY) 5.7% returns.
