Markets have been correcting since the start of the year, aggravated by the Fed's interest rate hikes. However, Federal Reserve Chairman Jerome Powell's optimism is expected to revive investor sentiment. Powell has emphasized that he believes "the economy is strong and is well-positioned to handle tighter monetary policy."
Undervalued tech stocks with robust financials are expected to withstand initial losses and offer solid returns in the forthcoming quarters, thanks to soaring demand and rapid technological advancements. According to Frank Gretz, a technical analyst at Wellington Shields, "Regardless of whether the market is sold out, you can argue tech, especially, is due for a bounce."
