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JJ015
2021-12-08
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The Pain Isn’t Over for Big Tech Stocks. That’s Bad for the S&P 500.
JJ015
2021-08-17
What is this meaning?
Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031
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That’s Bad for the S&P 500.","url":"https://stock-news.laohu8.com/highlight/detail?id=1119697932","media":"Barrons","summary":"Don’t be fooled by Big Tech stocks’ rise. There could be more pain, spelling additional trouble for ","content":"<p>Don’t be fooled by Big Tech stocks’ rise. There could be more pain, spelling additional trouble for the S&P 500.</p>\n<p>There’s no denying that these stocks are on the up again, for now.Apple (AAPL),Meta Platforms (FB),Amazon.com (AMZN),Netflix (NFLX),Alphabet (GOOGL),Microsoft (MSFT), and Tesla (TSLA) have all risen between 3% and 10% from the low points reached in their recent pullbacks. Stocks had been sliding from mid-November until late last week, as the Federal Reserve signaled that it might move sooner than planned to halt the bond purchases it has used to prop up the economy during the pandemic.</p>\n<p>Less money moving into long-dated Treasury bonds allows their prices to fall, all else being equal, pushing yields on the debt higher. Those higher interest rates reduce the current, discounted value of future profits—and investors in these tech giants are counting on big profits many years down the line.</p>\n<p>But it’s far from certain that the pain for Big Tech stocks is over.</p>\n<p>The Fed’s change in stance will make gains hard to come by for Big Tech stocks. Central banks effectively print money to buy bonds, so the more they purchase,, the bigger their balance sheets become. Less bond buying means slower balance-sheet growth, which makes a difference for Big Tech stocks, according to Bank of America.</p>\n<p>Its data show a close correlation between the size of central-bank balance sheets and Big Tech valuations. And the aggregate size of the balance sheets of the Fed, the European Central Bank, the Bank of Japan, and the Bank of England has flattened out at about $25 trillion, while the market capitalization of the Big Tech stocks has continued to rise.</p>\n<p>The problem is that based on history, a central-bank balance sheet of about $25 trillion implies an the aggregate market capitalization for those Big Tech stocks of around $9 trillion, according to Bank of America’s data. That would mean a decline of about 20% from the current $11.3 trillion.</p>\n<p>A separate indicator also hints that the best of Big Tech’s outperformance may be over. The group’s gains have outpaced the S&P 500’s by so much recently that its total market cap is now the highest portion of the S&P 500’s total value since August 2020. That, of course, was just before the Big Tech stocks all experienced corrections, or declines of at least 10%.</p>\n<p>Before that, the last time Big Tech was so large compared to the broader market was in 2000, before the dotcom bubble burst.</p>\n<p>A poor performance by Big Tech could drag the S&P 500 down. The index is weighted according to market cap, so when the biggest stocks fall, it makes more of a difference than when smaller companies decline. If the S&P 500 is to post solid gains from here, it will need the help of stocks outside of Big Tech.</p>\n<p>That is also far from a certainty. The percentage of New York Stock Exchange-listed stocks that are trading above their 200-day moving averages was just under 50% as of Monday, compared with close to 100% during the best times, according to Morgan Stanley. If so many stocks keep trading at such low prices, the S&P 500 should fall about 8% from its current level, the bank’s data show.</p>\n<p>One positive is that the S&P 500 has risen about 4% in the four trading days since the low of its recent pullback. This week, the vast majority of stocks on the index have participated in the rally.</p>\n<p>That is a good sign, but investors will need to see the index stage a broad rally for longer in order to have confidence in the gains.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Pain Isn’t Over for Big Tech Stocks. 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That’s Bad for the S&P 500.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-08 15:26 GMT+8 <a href=https://www.barrons.com/articles/big-tech-pain-stock-market-sp500-51638909682?mod=hp_LEADSUPP_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Don’t be fooled by Big Tech stocks’ rise. There could be more pain, spelling additional trouble for the S&P 500.\nThere’s no denying that these stocks are on the up again, for now.Apple (AAPL),Meta ...</p>\n\n<a href=\"https://www.barrons.com/articles/big-tech-pain-stock-market-sp500-51638909682?mod=hp_LEADSUPP_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","TSLA":"特斯拉","AAPL":"苹果","MSFT":"微软",".SPX":"S&P 500 Index","GOOGL":"谷歌A","NFLX":"奈飞"},"source_url":"https://www.barrons.com/articles/big-tech-pain-stock-market-sp500-51638909682?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119697932","content_text":"Don’t be fooled by Big Tech stocks’ rise. There could be more pain, spelling additional trouble for the S&P 500.\nThere’s no denying that these stocks are on the up again, for now.Apple (AAPL),Meta Platforms (FB),Amazon.com (AMZN),Netflix (NFLX),Alphabet (GOOGL),Microsoft (MSFT), and Tesla (TSLA) have all risen between 3% and 10% from the low points reached in their recent pullbacks. Stocks had been sliding from mid-November until late last week, as the Federal Reserve signaled that it might move sooner than planned to halt the bond purchases it has used to prop up the economy during the pandemic.\nLess money moving into long-dated Treasury bonds allows their prices to fall, all else being equal, pushing yields on the debt higher. Those higher interest rates reduce the current, discounted value of future profits—and investors in these tech giants are counting on big profits many years down the line.\nBut it’s far from certain that the pain for Big Tech stocks is over.\nThe Fed’s change in stance will make gains hard to come by for Big Tech stocks. Central banks effectively print money to buy bonds, so the more they purchase,, the bigger their balance sheets become. Less bond buying means slower balance-sheet growth, which makes a difference for Big Tech stocks, according to Bank of America.\nIts data show a close correlation between the size of central-bank balance sheets and Big Tech valuations. And the aggregate size of the balance sheets of the Fed, the European Central Bank, the Bank of Japan, and the Bank of England has flattened out at about $25 trillion, while the market capitalization of the Big Tech stocks has continued to rise.\nThe problem is that based on history, a central-bank balance sheet of about $25 trillion implies an the aggregate market capitalization for those Big Tech stocks of around $9 trillion, according to Bank of America’s data. That would mean a decline of about 20% from the current $11.3 trillion.\nA separate indicator also hints that the best of Big Tech’s outperformance may be over. The group’s gains have outpaced the S&P 500’s by so much recently that its total market cap is now the highest portion of the S&P 500’s total value since August 2020. That, of course, was just before the Big Tech stocks all experienced corrections, or declines of at least 10%.\nBefore that, the last time Big Tech was so large compared to the broader market was in 2000, before the dotcom bubble burst.\nA poor performance by Big Tech could drag the S&P 500 down. The index is weighted according to market cap, so when the biggest stocks fall, it makes more of a difference than when smaller companies decline. If the S&P 500 is to post solid gains from here, it will need the help of stocks outside of Big Tech.\nThat is also far from a certainty. The percentage of New York Stock Exchange-listed stocks that are trading above their 200-day moving averages was just under 50% as of Monday, compared with close to 100% during the best times, according to Morgan Stanley. If so many stocks keep trading at such low prices, the S&P 500 should fall about 8% from its current level, the bank’s data show.\nOne positive is that the S&P 500 has risen about 4% in the four trading days since the low of its recent pullback. This week, the vast majority of stocks on the index have participated in the rally.\nThat is a good sign, but investors will need to see the index stage a broad rally for longer in order to have confidence in the gains.","news_type":1},"isVote":1,"tweetType":1,"viewCount":856,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":833109883,"gmtCreate":1629208607042,"gmtModify":1633686563936,"author":{"id":"4087622116156570","authorId":"4087622116156570","name":"JJ015","avatar":"https://static.tigerbbs.com/7a303f614f6cd1ed9817e0eb815742d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087622116156570","authorIdStr":"4087622116156570"},"themes":[],"htmlText":"What is this meaning? ","listText":"What is this meaning? ","text":"What is this meaning?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833109883","repostId":"2160273552","repostType":2,"repost":{"id":"2160273552","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1629151982,"share":"https://www.laohu8.com/m/news/2160273552?lang=&edition=full","pubTime":"2021-08-17 06:13","market":"hk","language":"en","title":"Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031","url":"https://stock-news.laohu8.com/highlight/detail?id=2160273552","media":"T-Reuters","summary":"Pfizer Inc :Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 20","content":"<html><body><p>Pfizer Inc <pfe.n>:Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031 - Sec Filing.</pfe.n></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time\">2021-08-17 06:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>Pfizer Inc <pfe.n>:Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031 - Sec Filing.</pfe.n></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160273552","content_text":"Pfizer Inc :Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031 - Sec Filing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":602959569,"gmtCreate":1638961771389,"gmtModify":1638961906166,"author":{"id":"4087622116156570","authorId":"4087622116156570","name":"JJ015","avatar":"https://static.tigerbbs.com/7a303f614f6cd1ed9817e0eb815742d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087622116156570","authorIdStr":"4087622116156570"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/602959569","repostId":"1119697932","repostType":2,"repost":{"id":"1119697932","kind":"news","pubTimestamp":1638948374,"share":"https://www.laohu8.com/m/news/1119697932?lang=&edition=full","pubTime":"2021-12-08 15:26","market":"us","language":"en","title":"The Pain Isn’t Over for Big Tech Stocks. That’s Bad for the S&P 500.","url":"https://stock-news.laohu8.com/highlight/detail?id=1119697932","media":"Barrons","summary":"Don’t be fooled by Big Tech stocks’ rise. There could be more pain, spelling additional trouble for ","content":"<p>Don’t be fooled by Big Tech stocks’ rise. There could be more pain, spelling additional trouble for the S&P 500.</p>\n<p>There’s no denying that these stocks are on the up again, for now.Apple (AAPL),Meta Platforms (FB),Amazon.com (AMZN),Netflix (NFLX),Alphabet (GOOGL),Microsoft (MSFT), and Tesla (TSLA) have all risen between 3% and 10% from the low points reached in their recent pullbacks. Stocks had been sliding from mid-November until late last week, as the Federal Reserve signaled that it might move sooner than planned to halt the bond purchases it has used to prop up the economy during the pandemic.</p>\n<p>Less money moving into long-dated Treasury bonds allows their prices to fall, all else being equal, pushing yields on the debt higher. Those higher interest rates reduce the current, discounted value of future profits—and investors in these tech giants are counting on big profits many years down the line.</p>\n<p>But it’s far from certain that the pain for Big Tech stocks is over.</p>\n<p>The Fed’s change in stance will make gains hard to come by for Big Tech stocks. Central banks effectively print money to buy bonds, so the more they purchase,, the bigger their balance sheets become. Less bond buying means slower balance-sheet growth, which makes a difference for Big Tech stocks, according to Bank of America.</p>\n<p>Its data show a close correlation between the size of central-bank balance sheets and Big Tech valuations. And the aggregate size of the balance sheets of the Fed, the European Central Bank, the Bank of Japan, and the Bank of England has flattened out at about $25 trillion, while the market capitalization of the Big Tech stocks has continued to rise.</p>\n<p>The problem is that based on history, a central-bank balance sheet of about $25 trillion implies an the aggregate market capitalization for those Big Tech stocks of around $9 trillion, according to Bank of America’s data. That would mean a decline of about 20% from the current $11.3 trillion.</p>\n<p>A separate indicator also hints that the best of Big Tech’s outperformance may be over. The group’s gains have outpaced the S&P 500’s by so much recently that its total market cap is now the highest portion of the S&P 500’s total value since August 2020. That, of course, was just before the Big Tech stocks all experienced corrections, or declines of at least 10%.</p>\n<p>Before that, the last time Big Tech was so large compared to the broader market was in 2000, before the dotcom bubble burst.</p>\n<p>A poor performance by Big Tech could drag the S&P 500 down. The index is weighted according to market cap, so when the biggest stocks fall, it makes more of a difference than when smaller companies decline. If the S&P 500 is to post solid gains from here, it will need the help of stocks outside of Big Tech.</p>\n<p>That is also far from a certainty. The percentage of New York Stock Exchange-listed stocks that are trading above their 200-day moving averages was just under 50% as of Monday, compared with close to 100% during the best times, according to Morgan Stanley. If so many stocks keep trading at such low prices, the S&P 500 should fall about 8% from its current level, the bank’s data show.</p>\n<p>One positive is that the S&P 500 has risen about 4% in the four trading days since the low of its recent pullback. This week, the vast majority of stocks on the index have participated in the rally.</p>\n<p>That is a good sign, but investors will need to see the index stage a broad rally for longer in order to have confidence in the gains.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Pain Isn’t Over for Big Tech Stocks. That’s Bad for the S&P 500.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Pain Isn’t Over for Big Tech Stocks. That’s Bad for the S&P 500.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-08 15:26 GMT+8 <a href=https://www.barrons.com/articles/big-tech-pain-stock-market-sp500-51638909682?mod=hp_LEADSUPP_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Don’t be fooled by Big Tech stocks’ rise. There could be more pain, spelling additional trouble for the S&P 500.\nThere’s no denying that these stocks are on the up again, for now.Apple (AAPL),Meta ...</p>\n\n<a href=\"https://www.barrons.com/articles/big-tech-pain-stock-market-sp500-51638909682?mod=hp_LEADSUPP_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","TSLA":"特斯拉","AAPL":"苹果","MSFT":"微软",".SPX":"S&P 500 Index","GOOGL":"谷歌A","NFLX":"奈飞"},"source_url":"https://www.barrons.com/articles/big-tech-pain-stock-market-sp500-51638909682?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119697932","content_text":"Don’t be fooled by Big Tech stocks’ rise. There could be more pain, spelling additional trouble for the S&P 500.\nThere’s no denying that these stocks are on the up again, for now.Apple (AAPL),Meta Platforms (FB),Amazon.com (AMZN),Netflix (NFLX),Alphabet (GOOGL),Microsoft (MSFT), and Tesla (TSLA) have all risen between 3% and 10% from the low points reached in their recent pullbacks. Stocks had been sliding from mid-November until late last week, as the Federal Reserve signaled that it might move sooner than planned to halt the bond purchases it has used to prop up the economy during the pandemic.\nLess money moving into long-dated Treasury bonds allows their prices to fall, all else being equal, pushing yields on the debt higher. Those higher interest rates reduce the current, discounted value of future profits—and investors in these tech giants are counting on big profits many years down the line.\nBut it’s far from certain that the pain for Big Tech stocks is over.\nThe Fed’s change in stance will make gains hard to come by for Big Tech stocks. Central banks effectively print money to buy bonds, so the more they purchase,, the bigger their balance sheets become. Less bond buying means slower balance-sheet growth, which makes a difference for Big Tech stocks, according to Bank of America.\nIts data show a close correlation between the size of central-bank balance sheets and Big Tech valuations. And the aggregate size of the balance sheets of the Fed, the European Central Bank, the Bank of Japan, and the Bank of England has flattened out at about $25 trillion, while the market capitalization of the Big Tech stocks has continued to rise.\nThe problem is that based on history, a central-bank balance sheet of about $25 trillion implies an the aggregate market capitalization for those Big Tech stocks of around $9 trillion, according to Bank of America’s data. That would mean a decline of about 20% from the current $11.3 trillion.\nA separate indicator also hints that the best of Big Tech’s outperformance may be over. The group’s gains have outpaced the S&P 500’s by so much recently that its total market cap is now the highest portion of the S&P 500’s total value since August 2020. That, of course, was just before the Big Tech stocks all experienced corrections, or declines of at least 10%.\nBefore that, the last time Big Tech was so large compared to the broader market was in 2000, before the dotcom bubble burst.\nA poor performance by Big Tech could drag the S&P 500 down. The index is weighted according to market cap, so when the biggest stocks fall, it makes more of a difference than when smaller companies decline. If the S&P 500 is to post solid gains from here, it will need the help of stocks outside of Big Tech.\nThat is also far from a certainty. The percentage of New York Stock Exchange-listed stocks that are trading above their 200-day moving averages was just under 50% as of Monday, compared with close to 100% during the best times, according to Morgan Stanley. If so many stocks keep trading at such low prices, the S&P 500 should fall about 8% from its current level, the bank’s data show.\nOne positive is that the S&P 500 has risen about 4% in the four trading days since the low of its recent pullback. This week, the vast majority of stocks on the index have participated in the rally.\nThat is a good sign, but investors will need to see the index stage a broad rally for longer in order to have confidence in the gains.","news_type":1},"isVote":1,"tweetType":1,"viewCount":856,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":833109883,"gmtCreate":1629208607042,"gmtModify":1633686563936,"author":{"id":"4087622116156570","authorId":"4087622116156570","name":"JJ015","avatar":"https://static.tigerbbs.com/7a303f614f6cd1ed9817e0eb815742d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087622116156570","authorIdStr":"4087622116156570"},"themes":[],"htmlText":"What is this meaning? ","listText":"What is this meaning? ","text":"What is this meaning?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833109883","repostId":"2160273552","repostType":2,"repost":{"id":"2160273552","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1629151982,"share":"https://www.laohu8.com/m/news/2160273552?lang=&edition=full","pubTime":"2021-08-17 06:13","market":"hk","language":"en","title":"Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031","url":"https://stock-news.laohu8.com/highlight/detail?id=2160273552","media":"T-Reuters","summary":"Pfizer Inc :Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 20","content":"<html><body><p>Pfizer Inc <pfe.n>:Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031 - Sec Filing.</pfe.n></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time\">2021-08-17 06:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>Pfizer Inc <pfe.n>:Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031 - Sec Filing.</pfe.n></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160273552","content_text":"Pfizer Inc :Pfizer Files Pricing Of Term Sheet Related To Offering Of $1 Billion 1.750% Notes Due 2031 - Sec Filing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
