Technology stocks continue to struggle despite their recent rally…
The S&P 500 has declined by 1% over the past 30 days. The Nasdaq Composite has fallen by 4.3% as well. Meanwhile, The Dow Jones has decreased by 0.4% and the Russell 2000 remains lower by 1.5%.
Fueling these weaker numbers are major drops in the technology industry. Companies such as Microsoft (MSFT), Snap (SNAP), Tesla (TSLA), and Virgin Galactic (SPCE) have all fallen in recent weeks.
And despite a brief rally among some of the largest technology giants, the industry has remained volatile due to suggestions that the U.S. Federal Reserve will hike rates over the course of the year.
And with inflation hitting its highest level since 1982, many investors continue to dump technology and other growth stocks in favor of value plays and cyclicals.
Even so, not all companies operating in the technology sector are anticipated to struggle in 2022. This is particularly true for e-commerce and cloud giant Amazon (AMZN).
RELATED: Jeff Bezos Just Poured $116 Million Into This Stock – Here’s Why…
Despite the recent lag in Amazon’s share value, analysts (including myself) remain bullish on the company…
Morgan Stanley (MS) raised its price target for the technology stock by 30%. Meanwhile, Bank of America (BAC) named Amazon its top pick for the year.
But these firms are just two of nearly 60 banks that have recommended investors pick up shares of Amazon – as many experts tracking the company don’t anticipate the stock’s latest decline will be a long-term issue.
That’s because Amazon has a history of rewarding investors. Since its founding in the 1990s, the technology giant has averaged 36% growth on an annual basis compared with the S&P 500’s average of 9.2%.
And the fact that it continues to expand and diversify its offerings in the cloud, e-commerce, and broader technology markets has several experts confident that Amazon will see greater profit expansion and returns in the years ahead.
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