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Yesterday, the tech-heavy Nasdaq fell 2.8% to 14,546.68, marking its worst trading day since March as treasury yields continued to rise and lawmakers in Washington continued their budget stalemate. However, according to Gartner , Inc. (NYSE:IT) report, governments globally are expected to spend $557.3 billion in 2022 on information technology, representing a 6.5% year-over-year rise.
Given this backdrop, it could be wise to scoop up the shares of fundamentally sound tech stocks Wipro Limited (WIT) and Nokia Corporation (NOK), which are currently trading under $10. However, low-priced stocks in this space DiDi Global Inc. (DIDI) and Katapult Holdings, Inc. (KPLT), are best avoided because of their weak near-term prospects.
