Rising Treasury yields, the Federal Reserve’s forecast to hike interest rates sooner-than-expected to combat high inflation, and the increase in jobless claims have led to the tech-heavy Nasdaq Composite losing steam this year. As a result, now could be a good time to scoop up shares of quality stocks.
The latest tech breakthroughs and growing investments in tech upgrades indicate bright long-term growth prospects for the industry. Investors’ interest in this space is evident from the Technology Select Sector SPDR ETF’s (XLK) 8.7% gains versus the SPDR S&P 500 Trust ETF’s (SPY) 7% returns over the past six months.
