Tech stocks took a nasty tumble along with the broader market in the fourth quarter of 2018 due to worries about a global economic slowdown, trade tension with China and concerns that the Federal Reserve may raise interest rates one too many times.
Facebook's myriad privacy problems didn't help matters. Neither did a shocking earnings warning from Apple just after New Year's Day due to sluggish demand for iPhones in China.But techs have come roaring back to life this year, helping to lead the overall market higher. The Nasdaq is up more than 15% so far in 2019.Sure, global growth worries haven't gone away. In fact, fears of an inverted yield curve and weak economic data from Germany sent the market into a tailspin Friday.
Apple fans are now getting excited about the company's growing services business. And the company is hosting a big event Monday where it is expected to highlight its video streaming plans.The rest of the so-called FAANG stocks are surging this year too. Amazon is up 18%. Google owner Alphabet has gained 16%. And Netflix has soared 35%, despite more competition from Apple and Amazon as well as new streaming services coming from Disney and AT&T -owned WarnerMedia.
This is how Facebook kills its competition 03:24But there's a great case to be made for big tech stocks remaining market leaders for the foreseeable future.Brian Sterz, portfolio manager with Miracle Mile Advisors, conceded that valuations for tech stocks have gotten to be a little frothy in the short-term. So it might soon be time for the sector's rally to take a brief pause.
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