Stocks tumbled Wednesday, hurt by downbeat economic news and concern over the surge in new coronavirus cases. The U.S. identified more than 35,000 new cases of COVID-19 on Tuesday, the highest single-day total since late April and the third-highest total of the entire pandemic. With new cases rising in more than 20 states, investors are coming to grips with the possibility that parts of the U.S. might need to go back under lockdown. In gloomy economic news, the International Monetary Fund slashed its 2020 global output forecast to -4.9% from -3%. The Dow fell 2.7% to close at 25,445.
Wednesday's washout doesn't mean the end is nigh for the current uptrend. Tech stocks, the stars of 2020, held up relatively well Wednesday, with Intel (-1.4%) and Apple (-1.8%) helping to mitigate the Dow's loss. Indeed, it's reasonable to assume that tech stocks, ranging from famous names to under-the-radar firms, will continue to lead the market higher in a post-pandemic world. Between momentum and fundamentals, the tech sector remains the best bet for market leadership, a fact that's not lost on the "smart money." Among hedge funds' favorite stocks, tech claims four of the five top spots. Have a look at all 25 of hedge funds' favorite blue-chip stocks.
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