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Investors Find a Lot to Like in Tech, Even as a Market Bottom Remains Elusive

  • Nasdaq 100 earnings multiple drops below 10-year average
  • Cherry picking within tech key when real yields spike higher
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Even as the Federal Reserve jacks up interest rates and sends technology stocks tumbling, it only gets harder to stay away from the sector. 

On the one hand, there’s so much to like: The Nasdaq 100 Index is now 35% cheaper than at its 2020 peak, megacap companies like Apple Inc. are still filling their coffers with cash and the earnings outlook shows no sign of a significant slowdown.