A tale of two markets: tech versus travel and retail

IT'S a tale of two markets as global technology companies thrive in the pandemic era while travel companies and retailers cling on for dear life.

US tech stocks hit new records after earnings growth surpassed lofty expectations, making a mockery of Washington's attempt to bring the companies to heel, while retailers and travel companies slid on fears of a fiscal cliff.

This split may persist this week, especially if a stalemate between Republicans and Democrats on a fiscal stimulus bill continues despite weak July jobs numbers.