Meet the new tech sector, as Facebook and Alphabet prepare to exit [CNBC]
Meta Platforms, Inc. - Class A (FB)
Last meta platforms, inc. - class a earnings: 4/29 04:05 pm
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US:NASDAQ Investor Relations:
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Source: CNBC
The stock market is about to undergo a major transformation. After the bell Friday, around $2.8 trillion in equities will be reshuffled into the newly created communications services sector. Those changes will leave the tech sector looking a little different to investors. What's going to be left of the technology sector is going to be largely driven by the hardware and the software and services space, explained Lindsey Bell, investment strategist at CFRA Research, on CNBC's Trading Nation on Thursday. Among the biggest changes, Facebook and Google parent Alphabet will move out of tech into the new sector. Apple 's leadership will expand to a 21 percent weighting, up from 17 percent, while Microsoft will place second with a 17 percent weighting from 13 percent. Apple and Microsoft as the two biggest drivers should continue to lead gains in the tech sector after the move, says Bell. As those two companies switch to face higher growth and higher margin
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