As technology becomes an increasingly vital component of industry, government, and the economy, technology companies like Cisco Systems and Qualcomm are delivering strong stock prices that are helping the U.S. stock market continue to rise. Aerospace and defense companies are also seeing increasing stock prices due to a $110 billion sale of military equipment to Saudi Arabia.
It’s a bit of positive news in the wake of the explosion that struck a recent Ariana Grande concert in Manchester and killed at least 22 people. The attack, confirmed to have been executed by a terrorist suicide bomber who died in the attack, has the potential to not only horrify the international community, but also cause stock markets to tank. While U.S. markets appear to be relatively unaffected by the attack and continue their recovery, markets in the Asia-Pacific region have been slowed. “The recovery in the U.S. markets remains underway, while the latest development in Manchester threatens to derail the positive lead for markets in the Asia-Pacific region,” said Jingyi Pn of IG.
Despite worldwide upheaval, technology stocks have maintained their strong growth since Trump’s election. This is a result of many trends, especially the growth of online shopping, digital advertising, and better-than-expected earnings for companies like Apple, Facebook, and Microsoft. Consumer sentiment has been high since the election, as it becomes “more difficult to disentangle political fervor from what appears to be a growing sense that the economy will experience fundamental changes,” according to Richard Curtin, an economist at the University of Michigan.
While many of the captains of the technology companies have been critical of Trump, it’s hard for them to denounce the strong gains their companies have made since his election, Additionally, many have joined the White House’s new Office of American Innovation in order to influence the future of technology in the U.S. while adding jobs and continuing to boost the economy.
There’s a lot going on in the world, but one thing’s for certain: technology will continue to bolster both the stock market and the international economy at large.
Photo: Cisco’s offices in Santa Clara, California. Credit: Ken Wolter / Shutterstock.com