US tech stock rally ‘may have peaked’

The huge run up for shares of US giants, such as Facebook, Apple, Amazon, and the Alphabet-owned Google, as well as semiconductor stocks, may have peaked, according to the latest global outlook from Merrion Capital.

Its chief investment officer David Holohan, senior Irish equity analyst Darren McKinley, and chief economist Alan McQuaid conclude that the surge of over 16% this year in the tech-heavy Nasdaq index will likely lead to investments flowing out and into other US stocks that had a “weak performance”, such as in the energy sector.

At home, the broker has chosen the following as its stock picks for the third quarter: Bank of Ireland, Greencore, FBD, Kingspan, Kerry Group, Aryzta, Permanent TSB, and Paddy Power.