It’s amazing how quickly sentiment changes in the stock market.. A few short weeks ago, circumstances looked dire for technology stocks as inflation fears caused a major selloff. The thought was that the Federal Reserve would take the punch bowl away and taper sooner than the market had priced in, which is bad news for high-growth tech stocks.
Fast forward to today, and the tech-heavy Nasdaq index has reached new all-time highs. Traders and investors who took calculated risks and bought tech stocks that were bottoming out in May have been rewarded handsomely over the last several weeks. It’s also worth mentioning that during the recent rally in tech, several new leaders have emerged.
These standout tech stock leaders are the talk of the town, which means it’s a good idea to familiarize yourself with them so that you can confidently add shares on dips. Although we still don’t know the Fed’s game plan for the short term or if there’s a “taper tantrum” on the horizon, adding shares of these new leaders can still be a profitable trading strategy going forward.
Here are a few of the new tech stock leaders that are the talk of the town:
Asana (NYSE: ASAN)
First up is Asana, a company that offers a unique work management platform. The company's platform enables teams to orchestrate work, from daily tasks to cross-functional strategic initiatives.
In today’s increasingly digital-centric business world, it’s easy to recognize why a stock like Asana has been performing so well. It’s up over 26% in June so far and received a nice boost after delivering a stellar Q1 earnings report. This stock consistently shows relative strength and should be on tech-focused traders’ watchlists going forward.
NVIDIA (NASDAQ: NVDA)
Sometimes, all it takes is one bullish catalyst to get a stock going after months and months of consolidation. That’s exactly the case with this mega-cap tech stock, which continues to hit new all-time highs after announcing a 4 for 1 stock split.
NVIDIA certainly looks like it’s the top dog in tech right now, which is why it’s a good buy-the-dip candidate going forward. The semiconductor manufacturing company is involved in some of the highest growth industries in tech, including artificial intelligence, personal computers, gaming and data centers, and it wouldn’t be surprising to see the stock continue to rally up until the stock split on July 20.
Freedom Holding Corp (NASDAQ: FRHC)
After rallying over 35% during the past month, Freedom Holding Corp is a tech stock that commands your attention. It’s a company that provides financial services including retail securities brokerage, research, investment counseling, securities trading, market making, corporate investment banking and underwriting services in Eastern Europe and Central Asia.
What really stands out about this company is its earnings growth in 2020, which included revenue of $353 million, an increase of 189% year-over-year. There’s a chance that Freedom Holding Corp ends up being a true leader in tech, which means it should certainly be on traders’ focus lists at this time.
Buy the Dip Like a Pro
While plenty of question marks surround tech stocks, you can’t go wrong with keeping an eye on emerging leaders and buying them at attractive prices. If you’ve had trouble with timing your entries or buying the dip in tech stocks that are in long-term uptrends, make sure to check out StockDweebs. The company’s flagship "blue box" stock signals service can help you gain confidence in your entry points and learn how to buy the dip like a true pro.
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