Skye Gould/Business Insider
Tech stocks are definitely in a bubble, based on the sizzling rally so far in 2020, but it will take a …
Skye Gould/Business Insider Tech stocks are definitely in a bubble, based on the sizzling rally so far in 2020, but it will take a while to burst, a chief strategist said. Jonathan Bell, chief investment officer at Stanhope Capital told CNBC’s « Street Signs Europe » Monday: « I think we are certainly in bubble territory. » Bell’s comments come days after a sell-off in tech stocks that drove all US indices lower for two consecutive sessions on Friday. Read more: Bank of America lays out the under-the-radar indicators showing that huge swaths of the stock market are ‘running on fumes’ – and warns a September meltdown may just be getting started On Thursday, US stocks fell the most in three months as investors sold high-flying tech stocks, causing the Nasdaq-100 to experience its sharpest decline since March, with a drop of 5.2%. But Bell thinks there are « so many good reasons » for investors to hold stocks in Alphabet, Amazon, Microsoft, Apple and Facebook and said their outperformance is something « everyone is talking about.
