Bank results started with a bang this morning, but despite coming out of the gates strong, one CIO tells Yahoo Finance there might be other places to put your money. "Tech might have some less volatility," David Harden, Summit Global Investments CIO, tells Brad Smith and Brian Sozzi.
A wave of bank results this morning gave the U.S. a read on financial conditions, following the collapse of Silicon Valley Bank and Signature Bank. JPMorgan (JPM), Wells Fargo (WFC), and Citigroup (C), all posted strong results but the sector still grapples with volatility from the SVB fallout and rising interest rates.
Tech stocks have "prepared for the recession really well, compared to how they've done in the past," he says. After layoffs in the fourth quarter, Harden says "they might do a lot better than what people are expecting into the..tough times ahead".
The S&P 500’s financials sector (XLF) is down over 30% year-to-date. “You have to be very picky in that space,” says Harden.
David Harden spoke with Yahoo Finance's Brad Smith and Brian Sozzi. Watch the entire interview here.
Key moments
00:00:20: Tech performance
00:00:35: Less volatility
00:01:00: Bank exposure
