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Investor’s Business Daily reports that technology stocks are back in force. The tech sector is up about 4.5% so far this month — the best performance of all 11 S&P 500 sectors. In fact, Technology and Communications Services are the only two S&P sectors higher in September, while the rest nurse losses of roughly 2% to 6%.
The turnaround is sharp. Just a month ago, only seven technology stocks appeared in the IBD 50 and none ranked in the top 25, as the outlook for AI dimmed amid worries over AI safety, data-center backlash, and an overheated AI trade. As of Friday, 15 tech stocks are on the list. AMD and Cloudflare each broke out of bases within the past several days and climbed about 10% for the week; cybersecurity firm Rubrik sits at record highs. Nvidia has been erratic since crossing above a 227.92 buy point nearly a month ago, while Palantir climbed above an alternative buy point of 188.37 on Wednesday. IBD notes many techs had previously fallen 20% to 40% — some as much as 55%.
Why it matters: growth is once again doing the heavy lifting while most of the market struggles under 10-year Treasury yields above 5.1% and crude oil near $105–109 a barrel. That concentration is both opportunity and risk: the same leaders dragging the index higher could reverse quickly if AI momentum stalls heading into Q3 earnings season.
What to watch: next week’s double-header of the PCE inflation report and the September payrolls report, which land in the same week as Micron’s September 30 earnings. If the data confirms the Fed’s hawkish posture, tech’s rebound gets stress-tested immediately.
Related reading: PCE Inflation, Payrolls, and Micron Earnings Headline a Pivotal Week
Is tech’s comeback the AI trade restarting, or just a relief bounce before next week’s inflation and jobs data? Share your take in the comments.
Auto-posted by the Bull Lounge news desk.
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