FT News Briefing Hold on — tech stocks are a safe haven now?
115 snips
Mar 12, 2026 
Chris Kay, Mumbai bureau chief covering India and regional trade, and Emily Herbert, Markets reporter who tracks investor flows, discuss how investors are sheltering in US tech amid Middle East turmoil. They tackle the IEA’s record oil reserve release, why bonds and gold are wobbling, risks if the conflict ends quickly, and threats to India’s growth from Gulf instability.
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IEA Launches Record Oil Reserve Release
- The IEA will release 400 million barrels of oil, its largest-ever strategic reserve release to counter an Iran-related energy shock.
- This amount is more than double the 2022 release after Russia's invasion of Ukraine, signalling an unprecedented coordinated response to calm markets.
US Tech Stocks Seen As Unexpected Safe Haven
- U.S. tech stocks have become a defensive bet since the Iran conflict began, with tech the only S&P 500 sector up about 1.5% while the rest fell nearly 3%.
- Investors cite big balance sheets, profits and cash as reasons to prefer tech over industrials vulnerable to energy shocks.
Inflation Shock Breaks Normal Safe Havens
- Traditional safe havens like government bonds and gold are underperforming because the shock is inflationary via higher oil prices, pushing bond yields up and bond prices down.
- That dynamic forces investors to seek alternatives, partly explaining the tech bid despite prior bubble concerns.