44 The Sector Strategist prices still tend to move higher when rates move lower. Consoli- dation and cost control have been much bigger drivers of finan- cial stock prices in recent years. Banks and finance companies tend to do poorly heading into recessions: bad loans increase and transaction income dries up. Insurance companies, particu- larly property and casualty companies, suffer when underwrit- ing competition drives down premiums. Technology: Semiconductors, Internet, Software Growth in this sector is subject to the same pressures as other capital goods. Even when overall demand is high, companies are at great risk from ``paradigm shifts'' (e.g., mainframe comput- ers supplanted by desktop computers). The sector is considered the most volatile of all areas of the economy. Utilities: Electricity, Water, Gas