Kamala Harris isn't the next big catalyst for tech stocks like Apple — this is
next vice president and going easy on regulation isn’t necessarily the next near-term catalyst for big-cap tech names such as Apple and Amazon.
But rather, it may be more cold hard cash from Wall Street being put to work.
told Yahoo Finance’s The First Trade.
Santos continued, “When we look at money market funds we will have a trillion extra dollars sitting there than we did pre-pandemic. So there is still some money that could be put to work and technology certainty is a big winner here.”
To be sure, big-cap tech continues to be one of the most teflon trades in the entire stock market.
Apple crossed the $2 trillion market cap level for the first time on optimism regarding a 5G iPhone super-cycle. That has some on the Street speculating on a $3 trillion Apple valuation sooner rather than later.
stock is up a cool 68% year-to-date.
But the tech trade hasn’t solely been relegated to Apple. Money has piled into Facebook, Amazon and Netflix on the view their business models will stay strong no matter the length of the COVID-19 pandemic. In other words, investors are seemingly willing to pay whatever valuation is out there to own companies driving the future of how we live.
The NYSE FANG+ Index — which measures the performance of 10 highly traded tech stocks such as Facebook —has gained 65% this year. More than half of that appreciation has come in the past six months.
Dan Ives says.
Ives thinks the FAANG cohort has at least another 25% further in upside potential. That’s excluding a former vice president Jo Biden-Harris win.
@BrianSozzi and on LinkedIn.” data-reactid=”42″>Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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