Nasdaq’s fortunes?

If the last three months are any indication, the US tech sector has possibly shaken off its recession-heightened late-winter doldrums. The technology-laden Nasdaq was at the forefront of the most recent market rally, having soared more than 45% since hitting its 52-week low on March 10.

Relatively, it outpaced Dow Jones Industrial Average, which up 30% and the Standard and Poor’s 500 Index, which rose 37%.

Some analysts that I talked to argued that technology tends to be a leader in the early stages of an economic turn. If that is right, then this could be a confirmation of a sustainable rally-money rotating into the sector that historically is seen as consumer and business sensitive and requiring more leverage in terms of borrowed money, or perhaps this could be just another blip for the next couple of months.

Microsoft beat analysts’ expectations, helping the company’s stock to surge more than 50% from its mid-March low and earlier this month, Texas Instruments sharply raised its second quarter financial guidance as customers had slowed the rate at which they were reducing chip inventories – a signal that the market for semiconductors may be stabilizing.

The long suffering PC maekt may get a shot in the arms with the October 22 release of Microsoft’s Window 7, which claimed to be better than its predecessor Windows Vista, based on the pre-release versions being publicly tested. Also driving it, the company is offering cheaper upgrades to those who pre-order Windows 7 between June 26 and July 11. History shows that a release of new operating system will usually translate into only a slight increase in PC sales and the main issue now will the release will get drowned by the macro-economic environment.

The tech sector is anticipating a slew of product releases – many of them in the $22 billion video-game sector with activision Blizzard Inc – the largest third-party game publisher in the world to lead the way with the latest in its rock music game series. Activision’s rival, Electronic Arts Inc also has some potential big hit titles coming in the year’s second half and most game publishers are looking to cash in on the holiday shopping season – primetime for consumer spending.