U.S. tech stocks are poised to extended gains past their dot-com era peak Thursday just as the world's biggest fund managers are starting to pare back holdings in the hottest trade of the year.
The tech-focused Nasdaq index is expected to rise past Wednesday's record close of 6385.04 points at the opening bell, according to U.S. futures prices, after the broadest measure of sector shares, the S&P 500 Information Technology subindex, topped its March 2000 high to end the session at a fresh record of 992.29 points. The IT index has outperformed all of the S&P's subsets so far this year with a 23% gain driven by Activision Blizzard Inc. (ATVI) - Get Activision Blizzard, Inc. Report , Adobe Systems (ADBE) - Get Adobe Inc. Report , Red Hat (RHT) - Get Red Hat, Inc. Report , Micron Technology and Pay Pal Inc. (PYPL) - Get PayPal Holdings, Inc. Report
Watch More with TheStreet:
- Carly Fiorina's Advice to Young Women: Don't Let Other People Define You
- You Won't Want to Miss These Moments at Comic-Con 2017
- From Catalogs to Catastrophe: A Sears Timeline
- 60 Second Tips: Navigating Financial Aid
- Chipotle Is Now Off the Radar for 18 Months, Jim Cramer Says