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‘Don’t count out technology,’ even as value stocks start to stage a comeback, says Oppenheimer’s strategy chief

  • With positive COVID-19 vaccine news lifting value stocks related to the reopening trade, technology stocks have underperformed.
  • In fact, since September 23, value stocks have outperformed growth stocks across all market cap segments, according to a Monday note from Oppenheimer.
  • Technology investors should stay calm, as the underperformance of growth stocks over the past couple months likely has to do with a potential tax-hike under a Biden administration, the note said.
  • “Interest rates are likely to remain low for the intermediate term suggesting that growth will retain its attraction for investors,” Oppenheimer’s Chief Investment Strategist John Stoltzfus said.
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