Wall Street continues to reel under severe volatility from the beginning of August. The ongoing trade dispute between the United States and China is heading nowhere near conclusion. Furthermore, the prolonged trade tussle is simply jeopardizing global economic growth as investors are highly concerned about an impending recession.
Wall Street lost a good chunk of value, which it gained through the bull run in the first four months of this year, recorded as the best start in 30 years. The technology and industrials sectors were the predominant losers as these are highly trade sensitive. However, a few tech stocks have gained in the past month despite the stock market mayhem. T ech Sector Fuels Market Rally in 2019 Despite witnessing extreme volatility, Wall Street is very much in positive territory so far in 2019. The rally was primarily boosted by strong performance of the technology stocks. Year to date, the broad-market S&P 500 Index climbed 15.7% while the Technology Select Sector SPDR (XLK), one of the eleven broad sectors of the benchmark index, jumped 27.6%. The tech-heavy Nasdaq Composite soared 19.8%. In the last three months also, the S&P 500 gained 2.1% while the XLK climbed 6.8%. However, in the last one month, the XLK declined 2% while the S&P 500 Index dropped 2.6%. Uncertainty Looms Large Markets are uncertain about when the U.S.-China trade tension will be resolved or if at all it will be. President Donald Trump added to the prevailing ambiguity when he said that the U.S. government is in no hurry to seal a trade deal with China although high-level delegations will continue between the two countries. If negotiations continue, there is no timeline specified on when the parties should reach an agreement. However, a consensus will certainly bode well for both economies. On the other hand, if no progress is made at all and a full-fledged trade war rages, then in addition of these two countries, the global economy will also see a slowdown. 5 Tech Stocks Moving Higher The recent concerns about a U.S.-China trade deal and consequently global economic slowdown have not stalled growth of all technology stocks. We have been able to narrow down our search to five tech stocks, which have moved higher in the past month and still have upside left. All five stocks currently sport a Zacks Rank #1 (Strong Buy). You can see . the complete list of today’s Zacks #1 Rank stocks here Digital Turbine Inc. APPS provides media and mobile communication products and solutions for mobile operators, application developers, device original equipment manufacturers (OEMs), and other third parties worldwide. It offers the Ignite software platform that enables mobile operators and OEMs to control, manage and monetize devices. The company has expected earnings growth of 150% for the current year. The Zacks Consensus Estimate for the current year has improved by 42.9% over the last 30 days. The stock has jumped 38.5% in the past month. PCTEL Inc. PCTI delivers performance critical telecom solutions in the Asia Pacific, Europe, the Middle East, Africa, and the Americas. It designs and manufactures precision antennas, which are used primarily in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the Industrial IoT. The company has expected earnings growth of 1,125% for the current year. The Zacks Consensus Estimate for the current year has improved by 78.3% over the last 30 days. The stock has jumped 35.6% in the past month. Smith Micro Software Inc. SMSI develops and sells communications software for personal and business use. Its objective is to enhance human interaction by giving users the ability to communicate through multimedia technologies over analog and digital platforms. The company has expected earnings growth of 42% for the next year. The Zacks Consensus Estimate for the next year has improved by 71.4% over the last 30 days. The stock has skyrocketed 101% in the past month. Cirrus Logic Inc. ( CRUS Quick Quote CRUS - Free Report) is a fabless semiconductor manufacturing company that develops and markets analog and mixed-signal integrated circuits (ICs) in the United States and internationally. It is a leader in high performance, low-power ICs for audio and voice signal processing applications. The company has expected earnings growth of 3% for the current year. The Zacks Consensus Estimate for the current year has improved by 21.4% over the last 30 days. The stock has surged 17.6% in the past month. RingCentral Inc. RNG provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect primarily in North America. Its products include RingCentral Office, RingCentral Mobile and RingCentral Fax. The company has expected earnings growth of 21.6% for the next year. The Zacks Consensus Estimate for the next year has improved by 2.2% over the last 30 days. The stock has surged 13.7% in the past month. 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