Downside Risks Fade as Tech Drives Gains, Software Value Emerges, and Gold Turns Pro‑Cyclical

Morningstar Wealth's Philip Straehl says U.S. equities are showing resilience as key downside risks fade, including easing rate‑hike fears and progress toward a ceasefire. He notes recent tech and semiconductor gains appear driven more by sentiment and liquidity than new fundamentals. In software, Morningstar favors high‑switching‑cost names like SAP (SAP), while gold’s role as a hedge has weakened as risk assets continue to climb.

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