Tech is the top performing sector through Q3, see what names stick out
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The Information Technology sector of the economy has been the brightest spot when compared to all the other 10 S&P sectors in 2024 and the segment remains in focus as Wall Street looks to turn the page to Q4.
Information Technology as sector has returned investors 29.5% year-to-date which is higher than all other areas, out returning Utilities which has provided the second-best sector returns in 2024 at +26.6% as well as all three major market averages (DJI), (SP500), (COMP:IND).
As a result, Seeking Alpha spotlighted the top ten Tech stocks with a market cap of at least $10B according to its quant metrics. Seeking Alpha’s quant ratings system grades stocks based on quantitative measures, such as profitability, momentum and valuation. Quant ratings are given on a scale of 1-5.
Top 10 Tech Stocks per SA Quant Ratings
No. 10: Adobe (ADBE), quant rating 4.66.
No. 9: Applied Materials (AMAT), quant rating 4.69.
No. 8: Amphenol Corporation (APH), quant rating 4.71.
No. 7: TDK Corporation (OTCPK:TTDKY), quant rating 4.73.
No. 6: Dell Technologies (DELL), quant rating 4.78.
No. 5: Samsara Inc. (IOT), quant rating 4.78.
No. 4: Seagate Technology Holdings (STX), quant rating 4.83.
No. 3: CyberArk Software (CYBR), quant rating 4.83.
No. 2: Taiwan Semiconductor Manufacturing Company (TSM), quant rating 4.98.
No. 1: AppLovin Corporation (APP), quant rating 4.98.
Year-to-date price action: ADBE -11.5%, AMAT +19.7%, APH +32.5%, TTDKY +34.6%, DELL +53.7%, IOT +48.2%, STX +24%, CYBR +29.7%, TSM +68%, APP +216.5%.
Furthermore, for investors looking for a more diversified approach towards the Info Tech space, they can also look to analyze tech-focused exchange traded funds as an additional option.
Tech ETFs: (NYSEARCA:VGT), (NYSEARCA:XLK), (NYSEARCA:IYW), (FTEC), (IXN), and (RSPT).