Week of 19 - 23 October 2026 | Dividends shine as tech cools

In this edition of Amundi's Weekly Market Directions: 

  • Technology stocks’ H2 performance underscores a clear market demand for greater visibility on capital expenditure.
  • In this environment, companies that consistently return cash to shareholders are likely to stay in demand.
  • While AI should deliver a productivity boost in the long term to the economy, markets will increasingly distinguish the winners from the losers in the sector.
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Monica Defend

Monica Defend

Head of Amundi Investment Institute

Markets are no longer convinced by AI spending alone. Investors now want evidence of cash flow and profitability. This is driving rotation into attractively priced, dividend-generating sectors that can also enhance diversification.

Monica Defend, Head of Amundi Investment Institute

Read the full weekly market directions

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 23 October 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.
 

Date of first use: 23 October 2026

Doc ID: 6051605