The equity markets have remained volatile amid COVID-19 omicron variant concerns and the Fed’s tapering activities. However, large-cap tech stocks Marvell Technology (NASDAQ:MRVL) and Dell Technologies (NYSE:DELL) have displayed impressive strength amid the market’s volatility and are hitting new price highs. So, we think it could be wise to add them to one’s watchlist now. Let’s discuss.The major market indexes closed in the green yesterday for the second straight session after exhibiting volatility over the past few weeks. The tech-heavy Nasdaq Composite jumped 3% to 15,686.92, recording its best day since March 9, 2021. The recent market volatility has been triggered by the concerns relating to the COVID-19 omicron variant and the Fed’s decision to wrap up its bond purchases and raise interest rates sooner than expected.
The tech industry is expected to grow significantly in the foreseeable future due to the increasing applications of advanced tech solutions across several industrial sectors and the continuing remote working trend. Wedbush analyst Dan Ives believes there will be a $2 trillion digital transformation opportunity over the long term, which could boost the tech industry’s growth by impacting the consumer and enterprise tech ecosystem.
Against this backdrop, we think it could be wise to add large-cap tech stocks Marvell Technology, Inc. (MRVL) and Dell Technologies Inc. (DELL) to one’s watch list because they have been hitting new price highs.