A CIO who helps oversee $100 billion says the mega-cap tech elite responsible for broad stock-market gains this year are more at-risk than people think — and shares 3 areas he likes within equities for both the near and long term
Stocks are well off their recent lows, but CIO Jimmy Chang says the ongoing rally is misleading.
This can be seen in the relative performance of the benchmark S&P 500, which is up 7% from its recent March low, and the more tech-heavy Nasdaq 100, which has gained 13% — nearly double — over the same period. "A lot of people are hiding there and looking at these mega-cap tech stocks as the new staples, but the fact is technology stocks historically are not immune to the downward pressure of a recession," he explained.
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