Tech stocks have been volatile for a while and recently suffered a massive sell-off. Now, some analysts say they were “totally wrong” for being overly optimistic, especially given the current macro environment. The war in Ukraine, the COVID-19 pandemic, 41-year high inflation and tomorrow’s Fed rate hike decision are all acting as factors increasing market stress and volatility, including in the technology sector.
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“We’ve been stalwart bulls in tech stocks for the past decade BUT we’ve been clearly wrong in this massive sell-off over the past few months. The Fed’s rate-hike/risk-avoidance mentality is causing high-quality tech stocks to be dislocated. That’s our view, others will disagree,” Wedbush Securities analyst Dan Ives tweeted on May 1.
In April, the Nasdaq had its worst monthly performance since October 2008,…