3 Outperforming Tech Stocks Bucking the Downward Trend in the Market By StockNews

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© Reuters. 3 Outperforming Tech Stocks Bucking the Downward Trend in the Market

Amid the broader tech slump caused by investors’ sector rotation and concerns over rising inflation, shares of Motorola (MSI), Seagate (STX), and SS&C Technologies (SSNC) have been rallying thanks to investors’ optimism over their solid growth prospects. So, it could be wise to bet on them now. Let’s look closer. .After a solid run last year, the technology sector has witnessed a slight correction since mid-February due to investor sector rotation to capitalize on the economic recovery, fears of rising inflation and rising Treasury yields. Tech stocks’ weakness is evidenced by the Technology Select Sector SPDR Fund’s (XLK) 0.7% gains over the past three months compared to SPDR S&P 500 ETF Trust’s (SPY) 6.5% returns.

Even though the tech industry might take some time to regain its previous glory amid inflation concerns, a few tech stocks with strong fundamentals have been rallying even amid current macroeconomic conditions. With increasing demand for cloud-based and AI-integrated services, among others, the tech industry is expected to grow significantly in the near- to mid-term.

Motorola Solutions, Inc. (NYSE:), Seagate Technology Holdings plc (STX) and SS&C Technologies Holdings, Inc. (SSNC) have been rallying amid the broader tech slump owing to their solid financials and consistent product and service innovations. So, we think it could be wise to bet on them now.

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