Interesting read_老虎社区_美港股上老虎

amira
2021-07-16

Interesting read

Megacap tech stocks have been on a roll. They could thrive even if interest rates turn higher again.

The megacap technology stocks have been outperforming the broader market of late. The NYSE FANG+ ind

Megacap tech stocks have been on a roll. They could thrive even if interest rates turn higher again.

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They could thrive even if interest rates turn higher again.","url":"https://stock-news.laohu8.com/highlight/detail?id=2151450992","media":"Dow Jones","summary":"The megacap technology stocks have been outperforming the broader market of late. The NYSE FANG+ ind","content":"<p>The megacap technology stocks have been outperforming the broader market of late. The NYSE FANG+ index -- which includes <a href=\"https://laohu8.com/S/FB\">Facebook</a> (FB), Alphabet <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>, Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> and Apple <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> -- has climbed 5% over the last month, compared with just 1% growth for the equal-weighted S&amp;P 500 .</p>\n<p>Given the relief in bond yields, that makes intuitive sense. Tech stocks struggled when the yield on the 10-year Treasury rose as high as 1.75%, which by Thursday's close had fallen down to 1.30%. The knee-jerk expectation in markets is that when interest rates rise, tech stocks fall, and vice versa.</p>\n<p>There are two reasons why that relationship should hold. The first is simply that higher interest rates choke off economic growth, raising the cost of borrowing for consumers and businesses alike. The second is that, if a stock is the sum of its discounted future cash flows, then those flows are worth less, as the rate at which they are discounted increases. For growth stocks in the technology sector that are banking on future profits more than current ones, a higher discount rate is bad news.</p>\n<p>The thing is, that relationship, while sounding logical, isn't borne out by historical data. Andrew Berkin studied the relationship for a paper, \"What Happens to Stocks when Interest Rates Rise .\" Looking at 90 years of data, the S&amp;P 500 rose, on average, 10.8% when bond yields fell, and rose 12.2% when bond yields rose. Even separating out periods by quintiles when yields rose the most, the S&amp;P 500 still gained 9%, on average. The relationship, or non-relationship as it were, also held outside the U.S., though it covered a shorter time period.</p>\n<p>To Chadd Knights, a portfolio manager for Australia's Duro Capital who cited the paper in an investment letter, rising rates shouldn't really affect the investment process. According to Knights, Berkin also confirmed that growth stocks in particular aren't negatively affected by higher interest rates.</p>\n<p>\"The reality is that most of us haven't experienced sustained rising interest rates in the past. No <a href=\"https://laohu8.com/S/AONE.U\">one</a> knows how people will react. And indeed, shares may fall on the back of a rising rate environment, even if the history suggests otherwise. But what this paper shows us is that that is not necessarily the case, which is what is to be construed if you read any of the popular financial news outlets,\" Knights said.</p>\n<p>Retail sales data on tap</p>\n<p>Key data are on tap with the U.S. retail sales report for June, and shortly after the open, the University of Michigan's consumer-sentiment report, with the latter also eyed for the reading on consumer inflation expectations.</p>\n<p>Moderna <a href=\"https://laohu8.com/S/MRNA\">$(MRNA)$</a> jumped 8% in premarket trade on the news the vaccine-making biotech will be included in the S&amp;P 500.</p>\n<p>Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> is in talks to buy GlobalFoundries from Mubadala Investment at a valuation of about $30 billion, according to The Wall Street Journal. A deal would boost Intel's efforts to compete with Taiwan Semiconductor Manufacturing (2330.TW) in making microchips for other companies.</p>\n<p>Aluminum producer Alcoa <a href=\"https://laohu8.com/S/AA\">$(AA)$</a> reported stronger-than-forecast earnings and boosted its shipment forecast.</p>\n<p>Didi Global may see pressure, after China sent regulators to the ride-hailing business, further escalating pressure on the company after its U.S. initial public offering.</p>\n<p>Floods in Germany and Belgium have led to at least 100 deaths, authorities said on Friday.</p>\n<p>The markets</p>\n<p>U.S. stock futures edged higher ahead of the retail sales report. The yield on the 10-year Treasury also nudged higher, to 1.33%.</p>","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>Megacap tech stocks have been on a roll. They could thrive even if interest rates turn higher again.</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\">\nMegacap tech stocks have been on a roll. They could thrive even if interest rates turn higher again.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-07-16 18:38</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>The megacap technology stocks have been outperforming the broader market of late. The NYSE FANG+ index -- which includes <a href=\"https://laohu8.com/S/FB\">Facebook</a> (FB), Alphabet <a href=\"https://laohu8.com/S/GOOGL\">$(GOOGL)$</a>, Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> and Apple <a href=\"https://laohu8.com/S/AAPL\">$(AAPL)$</a> -- has climbed 5% over the last month, compared with just 1% growth for the equal-weighted S&amp;P 500 .</p>\n<p>Given the relief in bond yields, that makes intuitive sense. Tech stocks struggled when the yield on the 10-year Treasury rose as high as 1.75%, which by Thursday's close had fallen down to 1.30%. The knee-jerk expectation in markets is that when interest rates rise, tech stocks fall, and vice versa.</p>\n<p>There are two reasons why that relationship should hold. The first is simply that higher interest rates choke off economic growth, raising the cost of borrowing for consumers and businesses alike. The second is that, if a stock is the sum of its discounted future cash flows, then those flows are worth less, as the rate at which they are discounted increases. For growth stocks in the technology sector that are banking on future profits more than current ones, a higher discount rate is bad news.</p>\n<p>The thing is, that relationship, while sounding logical, isn't borne out by historical data. Andrew Berkin studied the relationship for a paper, \"What Happens to Stocks when Interest Rates Rise .\" Looking at 90 years of data, the S&amp;P 500 rose, on average, 10.8% when bond yields fell, and rose 12.2% when bond yields rose. Even separating out periods by quintiles when yields rose the most, the S&amp;P 500 still gained 9%, on average. The relationship, or non-relationship as it were, also held outside the U.S., though it covered a shorter time period.</p>\n<p>To Chadd Knights, a portfolio manager for Australia's Duro Capital who cited the paper in an investment letter, rising rates shouldn't really affect the investment process. According to Knights, Berkin also confirmed that growth stocks in particular aren't negatively affected by higher interest rates.</p>\n<p>\"The reality is that most of us haven't experienced sustained rising interest rates in the past. No <a href=\"https://laohu8.com/S/AONE.U\">one</a> knows how people will react. And indeed, shares may fall on the back of a rising rate environment, even if the history suggests otherwise. But what this paper shows us is that that is not necessarily the case, which is what is to be construed if you read any of the popular financial news outlets,\" Knights said.</p>\n<p>Retail sales data on tap</p>\n<p>Key data are on tap with the U.S. retail sales report for June, and shortly after the open, the University of Michigan's consumer-sentiment report, with the latter also eyed for the reading on consumer inflation expectations.</p>\n<p>Moderna <a href=\"https://laohu8.com/S/MRNA\">$(MRNA)$</a> jumped 8% in premarket trade on the news the vaccine-making biotech will be included in the S&amp;P 500.</p>\n<p>Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> is in talks to buy GlobalFoundries from Mubadala Investment at a valuation of about $30 billion, according to The Wall Street Journal. A deal would boost Intel's efforts to compete with Taiwan Semiconductor Manufacturing (2330.TW) in making microchips for other companies.</p>\n<p>Aluminum producer Alcoa <a href=\"https://laohu8.com/S/AA\">$(AA)$</a> reported stronger-than-forecast earnings and boosted its shipment forecast.</p>\n<p>Didi Global may see pressure, after China sent regulators to the ride-hailing business, further escalating pressure on the company after its U.S. initial public offering.</p>\n<p>Floods in Germany and Belgium have led to at least 100 deaths, authorities said on Friday.</p>\n<p>The markets</p>\n<p>U.S. stock futures edged higher ahead of the retail sales report. The yield on the 10-year Treasury also nudged higher, to 1.33%.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","OEF":"标普100指数ETF-iShares","SSO":"两倍做多标普500ETF","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","09086":"华夏纳指-U","IVV":"标普500指数ETF","OEX":"标普100","SPXU":"三倍做空标普500ETF","03086":"华夏纳指","SH":"标普500反向ETF","SDS":"两倍做空标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151450992","content_text":"The megacap technology stocks have been outperforming the broader market of late. The NYSE FANG+ index -- which includes Facebook (FB), Alphabet $(GOOGL)$, Amazon $(AMZN)$ and Apple $(AAPL)$ -- has climbed 5% over the last month, compared with just 1% growth for the equal-weighted S&P 500 .\nGiven the relief in bond yields, that makes intuitive sense. Tech stocks struggled when the yield on the 10-year Treasury rose as high as 1.75%, which by Thursday's close had fallen down to 1.30%. The knee-jerk expectation in markets is that when interest rates rise, tech stocks fall, and vice versa.\nThere are two reasons why that relationship should hold. The first is simply that higher interest rates choke off economic growth, raising the cost of borrowing for consumers and businesses alike. The second is that, if a stock is the sum of its discounted future cash flows, then those flows are worth less, as the rate at which they are discounted increases. For growth stocks in the technology sector that are banking on future profits more than current ones, a higher discount rate is bad news.\nThe thing is, that relationship, while sounding logical, isn't borne out by historical data. Andrew Berkin studied the relationship for a paper, \"What Happens to Stocks when Interest Rates Rise .\" Looking at 90 years of data, the S&P 500 rose, on average, 10.8% when bond yields fell, and rose 12.2% when bond yields rose. Even separating out periods by quintiles when yields rose the most, the S&P 500 still gained 9%, on average. The relationship, or non-relationship as it were, also held outside the U.S., though it covered a shorter time period.\nTo Chadd Knights, a portfolio manager for Australia's Duro Capital who cited the paper in an investment letter, rising rates shouldn't really affect the investment process. According to Knights, Berkin also confirmed that growth stocks in particular aren't negatively affected by higher interest rates.\n\"The reality is that most of us haven't experienced sustained rising interest rates in the past. No one knows how people will react. And indeed, shares may fall on the back of a rising rate environment, even if the history suggests otherwise. But what this paper shows us is that that is not necessarily the case, which is what is to be construed if you read any of the popular financial news outlets,\" Knights said.\nRetail sales data on tap\nKey data are on tap with the U.S. retail sales report for June, and shortly after the open, the University of Michigan's consumer-sentiment report, with the latter also eyed for the reading on consumer inflation expectations.\nModerna $(MRNA)$ jumped 8% in premarket trade on the news the vaccine-making biotech will be included in the S&P 500.\nIntel $(INTC)$ is in talks to buy GlobalFoundries from Mubadala Investment at a valuation of about $30 billion, according to The Wall Street Journal. A deal would boost Intel's efforts to compete with Taiwan Semiconductor Manufacturing (2330.TW) in making microchips for other companies.\nAluminum producer Alcoa $(AA)$ reported stronger-than-forecast earnings and boosted its shipment forecast.\nDidi Global may see pressure, after China sent regulators to the ride-hailing business, further escalating pressure on the company after its U.S. initial public offering.\nFloods in Germany and Belgium have led to at least 100 deaths, authorities said on Friday.\nThe markets\nU.S. stock futures edged higher ahead of the retail sales report. The yield on the 10-year Treasury also nudged higher, to 1.33%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":117,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":15,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}