Tech stocks are holding up relatively well during today’s market selloff, and quite a few of the names seen as winners in the current environment are actually rallying.
While the Dow and the S&P 500 at this writing are down 2.8% and 2.2% respectively, the Nasdaq Composite is down 1.3%.
And the Nasdaq 100 index, the weighting of which skews heavily toward big-cap tech companies, is down just 0.9%.
Worries about a recent spike in global covid-19 cases and related concern about the virus’s economic impact in the coming months are apparently weighing on equity markets today.
Against that backdrop, many investors are once more treating companies whose products and services help consumers work, learn and/or entertain themselves remotely like safe havens — despite the high valuations many of them carry.
Zoom Video Communications is up 6.1%, Fastly