Investors should eye several key tech names if they want to put new money to work amid heightened market volatility, according to Bernstein. The CBOE Volatility Index briefly soared to 66 during the August 5 selloff, according to FactSet, after July's weaker-than-expected jobs data and the unwinding of the yen carry trade led to fears of an imminent recession, spurring a global market sell-off . Over the past one month, the S & P 500 Information Technology index and the Invesco QQQ Trust that tracks the Nasdaq-100 index are lower by more than 4%.
That performance comes after a big run in the first half of the year for tech and an even bigger run for the "Magnificent Seven." From January through June, information technology stocks gained almost 28%, and CNBC's Magnificent 7 index soared more than 36%. Against a backdrop of rising concern over the state of the U.
S. job market and consumer spending, together with a potential artificial intelligence air pocket, Bernstein highlighted a basket of its seven best technology, media and telecommunications stock ideas, which as a group have a median upside of 26% to Bernstein's price targets. Here are some of the stocks in the basket: Viewing Uber as a dominant player in the rideshare and delivery space, Bernstein cited a "substantial" turning point in EBITDA – at a 40% compound annual growth rate from 2023 to 2026 – and a "wave of consumers leaning into convenience" as catalysts for the tech company.
Shares have surged this year, m.