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Ok, so Dan Ives is talking his book (or sector at least) but he still raises an interesting point. (Dan Ives is a Managing Director and Senior Equity Research Analyst covering the Technology sector at Wedbush Securities since 2018.)With bank stocks in particular and the financial sector in general in turmoil, will investors looking for steady earnings turn to tech stocks? (Well maybe not all tech stocks but how about Apple (AAPL) and Microsoft (MSFT)?

Here’s Ives on the UBS/Credit Suisse and Silicon Valley Bank “deals.” “With this game of musical chairs happening in the banking sector and nervousness across the financials with the Credit Suisse fire sale to UBS announced over the weekend, we continue to strongly believe the tech trade will be viewed more as the safety trade on the Street looking ahead. So far in 2023 despite all the skeptics and many yelling fire in a crowded theater on the tech sector, NASDAQ is up roughly 13% this year with over the last few weeks more investors quickly moving to large-cap tech stocks in a jittery financial backdrop with the SVB black eye moment followed by the CS arranged marriage announced this weekend.”

Today, March 20, as of 1:30 p.m. New York time the NASDAQ Composite was up 1.15% and the NASDAQ 100 was ahead 0.03%. The Standard & Poor’s 500 was up 0.81%.

In the week ended March 17, the Fidelity NASDAQ Composite ETF (ENEQ) was up 4.41%.

Microsoft kicks off Big Tech earnings season with its report on April 25.