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Despite concerns over an elevated inflation and aggressive interest rate hikes, better-than-expected earnings of many tech giants have aided the stock market rally.
So, we think it could be wise to invest in tech-focused ETFs, iShares U.S. Tech Independence Focused ETF (IETC – Get Rating), First Trust Indxx Innovative Transaction & Process ETF (LEGR – Get Rating), and Innovator Growth-100 Power Buffer ETF – October (NOCT – Get Rating) to capitalize on the current market trends.
Last month’s economic data indicated that the economy has remained resilient with a robust jobs report and continued wage growth. To begin this month, investors are eyeing the announcements from the Federal Reserve and expects that the central bank to raise interest rates by another 0.25%, as it continues to fight stubborn inflation, which is well above its 2% goal.
On the other hand, better-than-expected earnings reports from many tech giants have kept investors’ sentiment positive lately. The tech-heavy Nasdaq Composite has gained 16.7% year-to-date.
Moreover, the fears of recession across the globe have compelled investors to flock towards technology’s cash-rich balance sheets and resistant revenue streams. These companies have strong balance sheets and robust profit margins, and are well-positioned to withstand a possible economic downturn.
With this in mind…
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