© Reuters. 2 Tech Stocks Soaring to New 52-Week Highs
While investors’ concerns over rising inflation have been driving a rotation away from tech stocks, growing digital dependence globally should bode well for the industry in the long term. However, as the overall industry witnesses a decline, two prominent players in this space, Motorola Solutions (NYSE:) (MIS) and NortonLifeLock (NASDAQ:), have been soaring, and recently hit their new 52-week highs. With strong fundamentals, we think these two stocks are uniquely positioned to keep soaring. Read on to learn more about these names.With investors fretting over whether rising inflation will entrench itself or blow over as per the Federal Reserve’s expectations, tech stocks have been taking a big hit. Although a weaker-than-expected April jobs report, which eased concerns about the potential for a central bank policy change, helped tech stocks rally briefly, the sector remains extremely volatile.
But while certain higher-priced technology stocks have experienced the most losses, some are still advancing on investors’ optimism over the industry’s bright long-term prospects.
Continued digitization and rising demand for advanced technologies from almost all industries should keep driving growth in the tech space. Amid current market volatility, we think it is wise to invest in fundamentally-sound technology stocks Motorola Solutions, Inc. (MSI) and NortonLifeLock Inc. (NLOK), which have recently hit their 52-week highs.
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