Top-Ranked Technology ETFs To Buy On Dips In March

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The current market condition is looking optimistic considering the introduction of another round of fiscal stimulus and an improving pace of the coronavirus vaccine rollout. In fact, the world will now also receive the first single-shot vaccine in the battle against coronavirus pandemic as the FDA awarded an Emergency Use Authorization (EUA) to the COVID-19 vaccine developed by the Janssen Pharmaceutical Companies of Johnson & Johnson (JNJ).

Against this backdrop, investors are now being observed to shift their undertakings from the high-growth technology sector to those expected to gain from the ongoing optimism and reopening of the U.S. economy. Accordingly, shares of Microsoft MSFT, Apple AAPL and Amazon.com Inc AMZN declined more than 2% on Mar 3. Also, the Nasdaq Composite Index slid 2.7% on the same day. However, the same has been up less than 1% in the year-to-date period.

Moreover, the U.S. 10-year Treasury yield ticked up to 1.47%, putting pressure on high-valuations areas of the market, per a Reuters article. It is a known fact that rising interest rates disproportionately affect high-growth technology players as stated in the above-mentioned article.

Meanwhile, technology has played a major role in the ongoing health crisis. Telemedicine and Digital Health are receiving significant importance. In the present era, data management and storage become an integral aspect of healthcare. Moreover, the pandemic led to an increase in doctors opting for online consultations. Thus, with the growing technological advancements in the healthcare sector and the rising adoption of healthcare IT solutions as well as advantages of cloud usage healthcare, the cloud computing market is on a growth trajectory. The space is forecast to reach a worth of $64.7 billion by 2025 from $28.1 billion in 2020, seeing a CAGR of 18.1%, according to ReportsnReports.

Moving on, cloud computing emerged as a key technology and is keeping up with the growing work-from-home trend in the fight against coronavirus. It is supporting organizations in remotely processing a lot of information, developing and running key applications and services, and helping employees across the world collaborate while working. The work-from-home model bumped up sales of PCs, laptops and other kind of computer peripherals.

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