Tech Sector Held Up 'Better than Expected' During Pandemic, S&P Says

U.S. technology sector credit “held up to the COVID-19 pandemic” in Q2 “better than expected because shutdowns disproportionately hurt small and midsize businesses and local firms,” reported S&P Global Ratings Thursday. The transition to 5G will be a driver into late 2020, it said. IPhone revenue "was stronger than expected, up 2% year over year," but non-Apple mobile spending was "weak,” S&P said: “We think Apple did relatively well because it is exposed to the higher end of the consumer market, which was less affected by job losses in the quarter. It also debuted the second generation of its more affordable SE model.”