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 * Why It’s Time to Buy the Dip in Tech Stocks

Meet Luke Lango


WHY IT’S TIME TO BUY THE DIP IN TECH STOCKS

The outlook for a rally in tech stocks over the next few weeks is quite
favorable

1d ago · July 23, 2024 By Luke Lango, InvestorPlace Senior Investment Analyst

Key Takeaways:

 * Tech stocks were obliterated as overbought technical conditions converged
   with unforeseen geopolitical risks. In short, tech stocks ran too far, too
   fast in early July. So, when unforeseen risk emerged last week – namely,
   tough talk from President Joe Biden on further tech-related trade sanctions
   between the U.S. and China – investors sold in droves.
 * However, tech stocks are no longer overbought. And as has been the case,
   those geopolitical risks are proving to be more “talk” than “walk.”
 * Meanwhile, the second-quarter earnings season will commence over the next few
   weeks. We expect the majority will report stellar earnings on the back of
   continued strong AI spending trends. Collectively, those strong earnings
   reports should reaffirm the bull thesis on tech stocks and push them to even
   higher highs.




Last week, we hypothesized that as soon as tech stocks showed support at
critical technical levels, the big recent selloff would eventually become a
golden buying opportunity. 

It appears that is happening right now. And that means it’s time to buy the dip.

Tech stocks were obliterated as overbought technical conditions converged with
unforeseen geopolitical risks. In short, tech stocks ran too far, too fast in
early July. So, when unforeseen risk emerged last week – namely, tough talk from
President Joe Biden on further tech-related trade sanctions between the U.S. and
China – investors sold in droves. Makes sense. 

However, tech stocks are no longer overbought. And as has been the case, those
geopolitical risks are proving to be more “talk” than “walk.” Not to mention,
Biden just dropped out of the 2024 U.S. presidential race altogether, so that
“tough talk” seems largely irrelevant now. 

Meanwhile, the second-quarter earnings season will commence over the next few
weeks, which should prove tech stocks’ might. 




STRONG EARNINGS SHOULD BOOST TECH STOCKS

Right now, companies across all industries are spending billions to build and
deploy new AI applications. That means that the firms that make the central
components for those applications – think AI chipmakers, semiconductor equipment
providers, datacenter operators, application developers – are currently
benefiting from an enormous AI spending spree. 

That will show up in those AI firms’ Q2 earnings reports in the form of
supercharged revenue and earnings growth. 

Indeed, tech heavyweights like Alphabet (GOOGL), Microsoft (MSFT), Apple (AAPL),
Amazon (AMZN), Meta (META), Texas Instruments (TXN), Qualcomm (QCOM), Advanced
Micro Devices (AMD), ServiceNow (NOW) and others will report Q2 earnings over
the next two weeks. 

And we expect the majority will report stellar earnings on the back of continued
strong AI spending trends. Collectively, those strong earnings reports should
reaffirm the bull thesis on tech stocks and push them to even higher highs. 

At the same time, we will also receive June’s Personal Consumption Expenditures
(PCE) report this Friday and July’s jobs data the following week. Both have the
potential to meaningfully increase the odds of multiple Fed rate cuts over the
next few months. 

And we anticipate that they’ll do just that. 




THE FINAL WORD

Analysts expect June’s PCE report to show that both inflation and core inflation
slowed to 2.4% last month. If so, that would mark the lowest inflation rate in
this cycle. And it would put inflation just a stone’s throw away from the Fed’s
2% target. In turn, Treasury yields are likely to fall. And as investors price
in more rate cuts for the rest of the year, tech stocks will likely rise. 

The July jobs report, meanwhile, should be fairly weak. In fact, over the past
few weeks, jobless claims have spiked to their highest levels in this cycle. 

Moreover, jobless claims tend to lead headline employment numbers. Therefore,
given July’s big spike in jobless claims, it’s likely that next Friday’s data
will be fairly weak. And that should lead investors to price in even more rate
cuts for 2024, which will likely boost tech stocks as well. 

So, overall, the outlook for a rally in tech stocks over the next few weeks is
quite favorable. 

We’re confident that strong earnings, coupled with soft inflation and weak labor
market data, will supercharge a tech stock rebound rally to record highs. 

That rebound rally likely got started yesterday. 

And in our opinion, that means it’s time to buy tech stocks. 

Check out the tech stocks we’re recommending right now.

On the date of publication, Luke Lango did not have (either directly or
indirectly) any positions in the securities mentioned in this article.

P.S. You can stay up to speed with Luke’s latest market analysis by reading our
Daily Notes! Check out the latest issue on your Innovation Investor or Early
Stage Investor subscriber site.

Submit



Luke Lango Editor, Hypergrowth Investing


MEET LUKE LANGO

By uncovering early investments in hypergrowth industries, Luke Lango puts you
on the ground-floor of world-changing megatrends.

Learn more about Luke

--------------------------------------------------------------------------------

Article printed from InvestorPlace Media,
https://investorplace.com/hypergrowthinvesting/2024/07/why-its-time-to-buy-the-dip-in-tech-stocks/.

©2024 InvestorPlace Media, LLC


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