Investors should brace for a sell-off in tech stocks with Fed chair Powell set to deliver a hawkish message to lawmakers, Gene Munster says
Expect to see a slump in technology stocks as Federal Reserve Chairman Jerome Powell this week signals to US lawmakers that interest rates will likely run even higher as the fight against inflation continues, veteran tech analyst Gene Munster said Monday. about market positioning, with Powell set to appear Tuesday and Wednesday before Senate and House lawmakers for semi-annual testimony.
"I think what he learned with the last Fed meeting is that if he is not overly hawkish, the market tends to interpret any fractional positive news related to any sort of breaks coming up in interest rates," Munster said.
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