Tech stocks should thrive despite rotation into value, market bull John Stoltzfus says
A major market shift is forming as the economy begins to reopen: Value stocks are gaining popularity over growth names, including technology.
But according to Oppenheimer Asset Management’s John Stoltzfus, that doesn’t mean the winners will automatically become losers.
The market bull sees technology as a vital part of the economic fight to function amid the coronavirus shutdowns.
“It’s so central to the secular movement that’s taking place,” the firm’s chief investment strategist told CNBC’s “Trading Nation” on Wednesday. “Technology is very much what the automobile industry was in the early 20th century.”
However, Stoltzfus isn’t ruling out near-term haircuts.
“There’s a very modest trim occurring,” he said. “The sector has gotten perhaps a little ahead of itself.”
Despite profit-taking risks, Stoltzfus believes the market is in the early phase …continued .
[Source: CNBC News]