The macroeconomic role of the market valuation of the US tech company sector

The increase in US market capitalisation is driven by the tech company sector. The rise in the tech company stock market index has a very significant macroeconomic effect: It creates a wealth effect that is positive for consumption and investment; It attracts equity capital flows to the United States at a time when the country's attractiveness for bond investors is low, and it therefore enables the US external deficit to be financed. An economic policy that is less positive for tech companies in the United States (breaking up of monopolies, regulation) or a market correction in the value of these companies would therefore have significant effects not only on the stock market, but also macroeconomic effects (demand, capital flows, dollar's exchange rate).