Shares of big technology companies have been flying past the rest of the market.
After languishing for months, the group has staged a resurgence with several tech behemoths hitting records in recent sessions.
Apple Inc. shares closed at a record Friday, after notching their first new high since January earlier in the week. Microsoft Corp. and Amazon.com Inc. shares also jumped to records Wednesday and Thursday, respectively.
“I’m very bullish on companies that can provide strong organic growth and predictable growth,” said Dev Kantesaria, founder of Valley Forge Capital, who said he recently added to his Amazon holdings. “Certainly the big technology companies will be able to do that.”
Some investors and analysts say they have become less optimistic that the U.S. economy’s recovery will sustain its strong momentum. Lackluster economic data over the past week and fears about the Delta variant of the Covid-19 virus have stoked volatility in stock and bond markets.