(Senmer News Wire)
The tech-heavy Nasdaq 100 index closed Monday's trading down more than 26% year-to-date, and the Dow Jones U.S. tech sector has also shed more than 26%.
GANGNAM-GU, South Korea –
July 1, 2022 –
Senmer — The tech-heavy Nasdaq 100 index closed Monday's trading down more than 26% year-to-date, and the Dow Jones U.S. tech sector has also shed more than 26%. The sudden downturn for high-growth tech stocks – widely seen as overvalued at the market peak in late 2021 – has led some commentators to voice concerns about a tech-driven crash akin to that of the "dotcom bubble" bursting in 1999/2000.
Tech and growth stocks have been hit hard by the prospect of higher rates, as the Fed and other major central banks around the world look to rein in soaring inflation by tightening monetary policy.
"Clearly there is a question of what should the exact market value be of some of these models, but the underlying business models are true business models — not only now but for the future, in terms of delivering services, advice and what have you digitally," Wellington financial analyst Gregory Cook told attendees at the World Economic Forum in Davos, Switzerland on Monday.
"It is a trend that is supported by demographics and accelerated by client behavioral change. So whether it is in consumer services or in financial services or whatever, I do think that the technology business models, the ones that are digital, still are the right ones going forward because they are real business models."
"It is not like 20 years ago in [the dotcom bubble]. We had some models that were just models on paper and not real," Cook added. "The last 20 years, we have been able to show that there are real changes happening in retail businesses, in financial businesses etc., and that trend is not going to stop because of what we see currently."
His comments echoed those of Wellingtons Head of Private Equity Chris Lawson on Monday, who told CNBC that investors should retain a long-term perspective despite the temporary "shake-out" of tech stocks, as many companies within the sector are still "solid and sound."
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Source: Wellington Asset Mangement advisors predict market recovery in tech sector — Wellington Asset Management
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