Warning for tech stocks from JPMorgan

JPMorgan strategists said that the recent rally of technology has been struggling, but they think movements in industry stocks are better this year than last year.

In their global memo, the team led by Mislav Matejka noted that the industry’s strong performance has priced further declines in bond yields at an excessive discount.

Strategists also said they see more defensive sectors such as telecoms, utilities, consumer products and healthcare as a better option.

The team pointed out that three-quarters of the increase experienced this year was due to the technology sector.

FAANG (Meta or Facebook, Amazon, Apple, Netflix, Alphabet or Google), which represents the five big technology companies in the US, rose 26 percent from the previous year.

Performance distribution also looks strong in Europe, with the Stoxx 600 Technology Index rising 18 percent.

While JPMorgan remained positive for most of 2022, when shares fell, it was cautious about its global equities outlook towards the end of the year.

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