Mike Wilson cautioned investors that the tech sector's performance is more cyclical than investors think, and suggests traditional defensive stocks instead.
Investors may want to look somewhere other than tech for safety, according to Morgan Stanley's Mike Wilson. Tech is the best-performing sector this year, up more than 20% and outpacing the S & P 500 's 7% advance. Recently, tech stocks got a boost after bond yields fell amidst volatility in the banking sector. Investors have also been turning to tech as they look for safety and stability in a turbulent market. However, Wilson, the chief U.S.
SPX YTD mountain Returns for the Technology Select Sector SPDR Fund ETF compared to the S & P 500 in 2023 Instead, the widely-followed strategist thinks that traditional defensive stocks will be a safer play for investors. "We broadly view traditional defensives as having the better risk/reward profile at current levels particularly with Tech relative performance back to all time highs and breadth remaining weak," Wilson said.
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