Tech stocks are on quite a tear. On Monday, they posted their best two-week return in more than two decades, pulling out in front of the broader market. But some analysts and investing pros said a major threat to that streak is looming on the horizon: second-quarter earnings.
The Nasdaq jumped 5 percent over 10 days of trading ended July 15, with Apple, its largest weighting, up more than 8 percent, and Amazon rising 11 percent. That marked the best two-week rally for the tech-heavy index since 1990. In comparison, the Standard & Poor's 500-stock index rose 3.8 percent.
And though tech has spent most of 2013 underperforming the broader market—as investors clung to high-dividend payers and defensive sectors such as consumer staples, utilities and health care—it is suddenly the top performer.