STORY: U.S. stocks rose on Friday, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft.
Also on Friday, U.S. Commerce Department data showed the annual inflation rate rose moderately in March. As a result, the Federal Reserve will likely keep interest rates higher for longer, which Buchanan said "is putting pressure on equity markets, risk markets, across the world."
But if Big Tech stocks can continue to outperform, as they did in 2023 and early 2024, they may be able to "bail the market out again," Buchanan said.
