The tech-heavy Nasdaq 100 index has gained nearly 6.2% in 2023, compared to a 3.45% rise for the S&P 500. The Nasdaq 100 fell 33% in 2022, while the S&P 500 lost 19.4%. Apple, the largest U.S. company by market value, and Google-parent Alphabet report the following week. The S&P 500 tech sector still trades at a roughly 19% premium to the broader index, above its 7% average of the past 10 years, according to Refinitiv Datastream. The firm expects an economic downturn and believes many tech companies have businesses that are resilient to economic uncertainty, said Sameer Samana, a senior global market strategist there.
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