Technology stocks are Wall Street's top performers as 2019 hits half-way, w...
) all rose more than 7% in June, slightly outperforming the S&P 500’s increase of just under 7% as investors increased bets on high-growth, volatile stocks.
The benchmark chip index has surged over 5% since Tuesday, when Micron Technologies said it resumed some sales to Huawei and forecast a recovery in memory chip demand in the second half of the year. The recent strong performance of technology stocks comes even as analysts predict a drop in quarterly earnings for the sector, in part due to uncertainty around the trade war. Many U.S. semiconductor companies rely on China for over half of their revenue.Analysts on average expect the S&P 500 IT sector’s earnings per share to sink 8% in the second quarter, compared to a 0.3% increase predicted for the S&P 500, according to Refinitiv’s IBES data.
S&P 500 semiconductor companies are seen posting a much deeper 28% slump in second-quarter earnings, and a 20% drop for all of 2019. Analysts on average expect Advanced Micro Devices and rival Nvidia to post declines of over 40% in earnings per share for the quarter.
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