What is driving recent volatility in technology stocks, and how should investors think about market leadership as earnings season continues?

In this NYSE Live interview, Art Hogan, Chief Market Strategist at B. Riley Wealth Management, discusses the recent pullback in technology shares, sector rotation across the market, earnings season developments, and his outlook for stocks through the end of the year.

Kristen Scholer spoke with Hogan about Big Tech earnings, artificial intelligence investment, market breadth, healthcare, financials, Apple, semiconductors, elections, and the broader market outlook.

A major theme throughout the conversation is the recent weakness in technology stocks. After a strong run driven by enthusiasm surrounding artificial intelligence, several major technology and communication services companies experienced a significant pullback, creating what Hogan sees as potential opportunities for investors.

The interview also explores the broader health of corporate America. Despite volatility among some high-profile technology names, Hogan notes that a large percentage of S&P 500 companies continue to exceed earnings and revenue expectations while many management teams maintain constructive outlooks for future growth.

Another key topic is market rotation. Hogan believes investors have increasingly broadened exposure beyond technology and AI-focused companies, helping support a healthier market environment with participation from multiple sectors.

The conversation further examines sectors benefiting from this shift. Healthcare has emerged as one of the strongest performers after lagging earlier in the year, while financials have also shown renewed strength as investors reassess opportunities outside of technology.

A significant focus of the discussion is the artificial intelligence investment cycle. While AI remains a powerful growth driver, Hogan believes recent market weakness reflects valuation adjustments and profit-taking rather than a fundamental deterioration in the long-term opportunity.

The interview also highlights the importance of upcoming earnings reports from major technology companies. Investors continue evaluating revenue growth, capital expenditures, AI adoption, and spending plans as indicators of future performance.

Another major theme is Apple's role in the AI ecosystem. Hogan argues that Apple's strategy differs from hyperscale technology companies because it focuses on bringing AI capabilities directly to consumers through its devices and software platforms rather than investing heavily in large-scale AI infrastructure.

The discussion also explores semiconductor companies and their importance to the AI economy. Hogan points to firms such as AMD and Broadcom as key companies helping power the infrastructure behind next-generation AI applications.

Additionally, Hogan discusses how market expectations can influence investor reactions to earnings reports. Even strong company results may face challenges when expectations are already elevated.

The interview further examines the impact of U.S. midterm elections on financial markets. Historically, markets have often responded positively following election-related uncertainty, particularly when political outcomes create policy stability and predictability.

Another key topic is gridlock in Washington. Hogan suggests that markets generally favor environments where major policy changes are less likely, allowing businesses and investors to plan with greater certainty.

The conversation also addresses labor market conditions. While employment data remains important, Hogan believes inflation trends continue to play a larger role in shaping Federal Reserve policy and investor sentiment.

Looking ahead, Hogan expects technology stocks to stabilize, sector participation to broaden, and equity markets to continue advancing as investors focus on earnings growth, corporate fundamentals, and improving market breadth.

Throughout the discussion, Hogan shares insights on technology stocks, artificial intelligence, earnings season, sector rotation, healthcare, financials, semiconductors, elections, market strategy, and the outlook for U.S. equities.

Disclaimer: Informational content only. NYSE does not endorse or recommend investments, strategies, companies, products, or services discussed.

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