Tech stocks have 'a bit further to go' in 2024: Strategist

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Truist co-chief investment officer and chief market strategist Keith Lerner believes tech stocks will run even higher in the fourth quarter, despite seasonal volatility (^VIX) that could persist.

Lerner joins Madison Mills and Brad Smith on Morning Brief to examine how the tech sector could see late 2024 gains driven by earnings.

"I think partly is that the earnings momentum is still with tech," he says, adding in his view tech stocks have "overextended positioning," so "what you've really been seeing in the last maybe month or two is really kind of getting some of that excess sentiment wrung out from the sector."

Tech stocks have "a bit further to go," and "as we get into the earnings season, in a cooling economy, tech on the earnings front still outperforms. He adds "That will drive investors back to tech" because "that's the part of this bull market."

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Naomi Buchanan.