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Sector movers: Tech stocks pace advance at the end of the week
(Sharecast News) - Software developers paced gains on the stock market at the end of the week with sentiment likely buoyed by the sharp gains seen overnight on the US Nasdaq. Nevertheless, some analysts were wary, warning that the big rally in US stocks was likely to be followed by a big collapse.
In a research note sent to clients, BofA Securities's Michael Hartnett, said he saw a further 100-150 points of upside for the S&P 500 until Labor Day on 4 September.
However, there was also 300 points of downside risk.
Indeed, he believed a "big rally" as bears capitulated might be followed by a "big collapse", among other things as the Fed "reintroduced fear" into the market by signalling that it would take rates up to 6%.
Construction stocks meanwhile were helped by gains for CRH, possibly in anticipation of relatively strong releases on US housing due out during the following week.
Top performing sectors so far today
Software & Computer Services 2,089.18 +2.00%
Gas, Water & Multiutilities 6,023.87 +1.85%
Leisure Goods 26,687.66 +1.81%
Construction & Materials 8,413.30 +1.78%
Electricity 11,272.63 +1.63%
Bottom performing sectors so far today
Industrial Transportation 3,884.24 -1.24%
Retailers 3,801.49 -1.19%
Medical Equipment and Services 10,739.64 -0.66%
Life Insurance 6,732.89 -0.52%
Industrial Metals & Mining 6,816.80 -0.51%
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