Tech stocks aren't immune to economic pain - and could be the next domino to fall, Morgan Stanley advisor says
The technology sector isn't immune to economic risks - and could be the next domino to fall as part of an overall stock-market decline, according to Morgan Stanely's Chris Toomey. on Friday, Toomey, a managing director at the Wall Street Bank's wealth mangement division, said the banking turmoil sent two-year Treasury yields crashing, triggering an investor rush into tech stocks.
"I don't think the technology industry is immune from the overall economy," Toomey said, adding that the US is heading into a earnings downturn and is vulnerable to an economic slump. Growth is expected to continue slowing after the Federal Reserve boosted interest rates aggressively over the past year in a bid to tame consumer-price pressure.
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