Big tech-related growth stocks in other S&P 500 sectors such as Amazon Inc, Tesla Inc and Google-parent Alphabet Inc have also charged higher. The gains have followed a months-long rotation in which tech stocks were outpaced by shares of banks, energy companies and other economically-sensitive names that have surged since breakthroughs in Covid-19 vaccines late last year. The increases in many of these so-called value stocks have slowed lately, while US Treasury prices have come galloping back in April after a sharp first-quarter sell-off. Investors also pointed to the impending influx of quarterly reports as key to determining market leadership, with Netflix Inc and Intel Corp among the major tech and growth company earnings due next week. “Amid increasingly euphoric sentiment, lofty valuations, and peak stimulus, we continue to believe the market has overly priced in the good news, ” BofA’s strategists wrote.

Source: The Star April 19, 2021 01:41 UTC