Tech Market Sell-Off: 2 Stocks to Buy in 2024 Before It's Too late
A sell-off has taken hold of the stock market in July, mainly aimed at the tech industry. The Nasdaq-100 Technology Sector index is down by 9% since July 10, when the bulk of the declines began.
The downturn started amid increasing tensions between the U.S. and China. Earlier this month, a Bloomberg article revealed that the U.S. was considering further tightening restrictions on China's access to advanced technology. Implementing the proposed measure, the Foreign Direct Product Rule, would allow the U.S. to restrict foreign companies from exporting products to China that use even small amounts of American technology. Such a policy could negatively affect the sales of large numbers of tech companies.
The earnings season that kicked off in late July only exacerbated matters as Wall Street was unimpressed by some of the first reports. However, tech remains an excellent place to find reliable long-term investments. Budding technologies like artificial intelligence (AI) and cloud computing have plenty of growth ahead.
Source Fool.com
