Investors may want to press the buy button the next time the technology stock is sold out.
Invesco’s Kristina Hooper claims that the group plays an important role in the desire of American companies to be more productive.
The company’s chief global market strategist told CNBC’s “Trading Nation” on Friday. “There is a lot of excitement there.”
But she suggests that investors need some patience.
“It may not be seen in the short term just because yields are rising,” Hooper added.
Wall Street’s tech affinity is declining, primarily due to rising yields on 10-year Treasuries. Yields hit a high of 1.617% on Friday trading. This is the highest level since June 4th. Growth stocks, including technology, usually underperform in a rising environment because they put pressure on profits.
In the last four weeks, technology-intensive Nasdaq has fallen more than 5% from its all-time high on September 7. On Friday, it closed at 14,579.54, down…