Excerpt from Yahoo Finance quoting DataTrek’s Nick Colas:
…. “Trade tensions between the U.S. and China are heating up and the market’s hottest sector happens to be highly levered to such fears.
That is, the technology sector, which is the market’s best performing sector year-to-date: rising 27%, trouncing the S&P 500’s 17.5% rise.
“Tech is one of the few S&P sectors with +50% non-U.S. revenues and profits,” wrote Nick Colas, co-founder of DataTrek Research, in a note to clients. “The exact number is 58% non-U.S. sales, the highest of any industry group. That makes it the poster child for international trade, and not just with China. Markets were hoping that a calm resolution to U.S.-China trade disputes would pave the way for other agreements”….
Read the full article here on Yahoo Finance!