(C) Reuters. 2 Top Tech Stocks Under $10 to Buy in June
Even though investors earlier this year rotated away from tech stocks to cyclical stocks to capitalize on the recovering economy, the tech industry is gradually resuming its rally due to the increasing adoption of cloud computing, 5G-enabled products and other advanced technologies. So, based on that, we think it could be wise to invest now in low-priced tech names Nokia (NYSE:NOK) and Sharp (OTC:SHCAY), which possess strong financials.The ongoing economic recovery and fears over rising inflation caused investors to rotate away from expensive tech stocks to quality cyclical stocks earlier this year. However, the sector is well positioned for solid growth because businesses are increasingly adopting advanced technologies to stay competitive in the digital era. Furthermore, because hybrid working arrangements are expected to persist for the foreseeable future, demand for cloud computing, 5G, and other advanced technologies should continue increasing. Indeed, the industry is expected to hit a $5 trillion market value by year’s end.
Given the industry’s solid growth prospects, investors are gradually returning to tech stocks. This is evident in the Technology Select Sector SPDR Fund’s (XLK) 6.3% returns over the past month versus the SPDR S&P 500 Trust ETF’s (SPY) 2.3% gains.
Given this backdrop, we think it wise to bet on Nokia Corporation (NOK) and Sharp Corporation (SHCAY). They are currently trading at less than $10 but hold immense upside potential.
2 Top Tech Stocks Under $10 to Buy in June
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