The technological sector has kept its promise of strong returns so far this year, combatting the economic slowdown induced by the coronavirus pandemic. The S&P 500 Information Technology Sector Index has gained around 18% so far in 2020 as against the broader S&P 500 index’s loss of 2.4%. Going on, it is being widely believed that the major technology companies’ resilience to the coronavirus crisis have been supporting the Nasdaq Composite index. Major technology stocks like Facebook (FB), Microsoft (MSFT), Apple (AAPL), Netflix (NFLX) and Alphabet (GOOGL) are all positive in 2020 so far. Moreover, Amazon (AMZN) has supported the Nasdaq by gaining more than 45% in the year.
On major support from Amazon and Microsoft, the tech-heavy Nasdaq Composite index gained 0.5% on Jul 9 in spite of its major market peers declining by more than 0.5%, largely due to rising coronavirus cases.
The second half of 2020 is