Evercore Strategist: Tech Stocks Will Overcome Sell-off, Strong Earnings to Be the Savior

Golden Ten Data, June 23 — Julian Emanuel from Evercore ISI stated that after the recent wave of sell-offs, mega-cap tech stocks will regain favor among investors. The sell-off has dragged down the share prices of some of the largest companies in the sector by more than 10% recently. “You will see solid earnings,” said Emanuel, Evercore's Chief Equity and Quantitative Strategist. On Tuesday, he remarked that earnings drove a “strong rally” in April and May, and will once again become “the only true standard for verification.” Chip stocks led the plunge in the South Korean stock market, with SK Hynix and Samsung Electronics both falling by over 12%, as investors became concerned about the previous surge being overdone. As a result, U.S. tech stocks opened under pressure on Tuesday.