Why technology stocks are at risk for an even bigger tumble [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Why technology stocks are at risk for an even bigger tumble Like a lot of market volatility, the recent downdraft endured by large-cap technology stocks is entirely understandable in hindsight. Economically sensitive sectors such as technology had been outperforming to an extent not supported by global growth, and the resulting correction is helping narrow the divergence. Technology companies have often seemed like an unstoppable force as global economies become digitized but Richard Bernstein, former chief quantitative strategist at Merrill Lynch and founder of New York-based RB Advisors, has frequently warned that the sector is cyclical, with revenues highly dependent on global economic growth. As a result, the stocks with the largest weightings in the MSCI USA Cyclical Sectors Index – a benchmark consisting of U.S. stocks with profits most affected by broad economic growth – are a who’s who of dominant technology companies. Microsoft Corp. is the biggest position in the index, Appl
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