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2021-08-02

Stocks Are Sturdier Than Big Tech’s Tumble Suggests

When you live by Big Tech, you die by Big Tech. That’s just what happened to the stock market this p

Stocks Are Sturdier Than Big Tech’s Tumble Suggests

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That’s just what happened to the stock market this p","content":"<p>When you live by Big Tech, you die by Big Tech. That’s just what happened to the stock market this past week.</p>\n<p>On the surface, it wasn’t a good one. The S&amp;P 500 index declined 0.4%; the Dow Jones Industrial Average lost 126.08 points, or 0.4%; and the Nasdaq Composite dropped 1.1%.</p>\n<p>That’s not so surprising: It’s hard for a market-capitalization-weighted index—like the S&amp;P 500 or the Nasdaq—to&nbsp;rise when its biggest components are falling, as happened with trillion-dollar-plus tech stocks this past week. And that’s despite the companies’&nbsp;outstanding earnings reports.Apple(ticker: AAPL), with its $2.4 trillion market cap, slipped 1.8%.Microsoft(MSFT), worth $2.1 trillion, fell 1.6%.Facebook(FB) was down 3.7% on the week, and&nbsp;Amazon.com(AMZN), 9%. Only&nbsp;Alphabet(GOOGL) finished the week higher, with a gain of 1.3%.</p>\n<p>Yet the weakness at the index level hid strength beneath the market’s surface. More than 300 companies in the S&amp;P 500 ended in positive territory. And some of the gains were sizable, with companies such as&nbsp;Advanced Micro Devices(AMD),Mattel(MAT), and Perkin Elmer (PKI) adding more than 10% each, mostly on positive earnings news. The&nbsp;Invesco S&amp;P 500 Equal Weight&nbsp;exchange-traded fund (RSP) rose 0.6%, while the small-cap&nbsp;Russell 2000&nbsp;gained 0.8%.</p>\n<p>“While the stock market is down and losing upward momentum, the market of stocks has stabilized,” says John Kolovos, chief technical strategist at Macro Risk Advisors.</p>\n<p>The week’s other big events barely left a mark. At July’s Federal Open Market Committee meeting, the Federal Reserve did, well, nothing, except give a few hints that it&nbsp;might start tapering&nbsp;its bond purchases sometime well into the future. At the press conference following the meeting, Fed Chairman Jerome Powell brushed off questions about inflation and insisted there was no need to raise interest rates anytime soon. That makes sense, given that the U.S. still has massive borrowing needs that must be funded, preferably at low interest rates, says Mark Grant, chief global strategist for fixed incomeat B. Riley Securities.</p>\n<p>The second quarter’s gross-domestic-product reading also got little reaction.GDP grew at a 6.5% annualized rate, missing forecasts by nearly two percentage points, but the disappointment was easily explained away. Michael Darda, chief economist at MKM Partners, notes that final sales to private domestic purchasers, a measure of strength in the private sector of the economy, grew at a 9.9% annual rate, while the miss could be blamed on a fairly obvious culprit. It was “mainly due to an inventory drag,” Darda explains.</p>\n<p>In other words, no reason to worry yet.</p>\n<p>The biggest reason to worry might be the reason the market keeps going up: Corporate profits have been fantastic in the latest quarter, with earnings coming in 16.7% above expectations, as 88.5% of companies beat forecasts, according to Refinitiv. What’s more, 86.8% topped revenue forecasts. Analysts continue to have to lift their estimates to account for the growth. That has allowed investors to look past sky-high valuations, on the assumption that they’re going to get stronger earnings than the official estimates, notes Leuthold Group’s Phil Segner.</p>\n<p>But that’s not normally how it works. In most years, estimates start too high and are slowly lowered. “For now, marvel at the amazing, expanding forward EPS for the S&amp;P 500,” he writes. “But at some point, if years of history are any guide, forward EPS estimates will again be too high, and that may be a cathartic moment for the market.”</p>\n<p>Investors got a hint of that with Big Tech, whose shares were punished when companies reduced guidance. The rest of the market should be fine as long as it doesn’t follow tech’s lead. When it does, watch out.</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>Stocks Are Sturdier Than Big Tech’s Tumble Suggests</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\">\nStocks Are Sturdier Than Big Tech’s Tumble Suggests\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-02 14:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stocks-news-big-tech-dow-nasdaq-sp500-51627692565?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>When you live by Big Tech, you die by Big Tech. That’s just what happened to the stock market this past week.\nOn the surface, it wasn’t a good one. The S&P 500 index declined 0.4%; the Dow Jones ...</p>\n\n<a href=\"https://www.barrons.com/articles/stocks-news-big-tech-dow-nasdaq-sp500-51627692565?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","AAPL":"苹果","GOOGL":"谷歌A","AMZN":"亚马逊",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","MSFT":"微软"},"source_url":"https://www.barrons.com/articles/stocks-news-big-tech-dow-nasdaq-sp500-51627692565?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189475102","content_text":"When you live by Big Tech, you die by Big Tech. That’s just what happened to the stock market this past week.\nOn the surface, it wasn’t a good one. The S&P 500 index declined 0.4%; the Dow Jones Industrial Average lost 126.08 points, or 0.4%; and the Nasdaq Composite dropped 1.1%.\nThat’s not so surprising: It’s hard for a market-capitalization-weighted index—like the S&P 500 or the Nasdaq—to rise when its biggest components are falling, as happened with trillion-dollar-plus tech stocks this past week. And that’s despite the companies’ outstanding earnings reports.Apple(ticker: AAPL), with its $2.4 trillion market cap, slipped 1.8%.Microsoft(MSFT), worth $2.1 trillion, fell 1.6%.Facebook(FB) was down 3.7% on the week, and Amazon.com(AMZN), 9%. Only Alphabet(GOOGL) finished the week higher, with a gain of 1.3%.\nYet the weakness at the index level hid strength beneath the market’s surface. More than 300 companies in the S&P 500 ended in positive territory. And some of the gains were sizable, with companies such as Advanced Micro Devices(AMD),Mattel(MAT), and Perkin Elmer (PKI) adding more than 10% each, mostly on positive earnings news. The Invesco S&P 500 Equal Weight exchange-traded fund (RSP) rose 0.6%, while the small-cap Russell 2000 gained 0.8%.\n“While the stock market is down and losing upward momentum, the market of stocks has stabilized,” says John Kolovos, chief technical strategist at Macro Risk Advisors.\nThe week’s other big events barely left a mark. At July’s Federal Open Market Committee meeting, the Federal Reserve did, well, nothing, except give a few hints that it might start tapering its bond purchases sometime well into the future. At the press conference following the meeting, Fed Chairman Jerome Powell brushed off questions about inflation and insisted there was no need to raise interest rates anytime soon. That makes sense, given that the U.S. still has massive borrowing needs that must be funded, preferably at low interest rates, says Mark Grant, chief global strategist for fixed incomeat B. Riley Securities.\nThe second quarter’s gross-domestic-product reading also got little reaction.GDP grew at a 6.5% annualized rate, missing forecasts by nearly two percentage points, but the disappointment was easily explained away. Michael Darda, chief economist at MKM Partners, notes that final sales to private domestic purchasers, a measure of strength in the private sector of the economy, grew at a 9.9% annual rate, while the miss could be blamed on a fairly obvious culprit. It was “mainly due to an inventory drag,” Darda explains.\nIn other words, no reason to worry yet.\nThe biggest reason to worry might be the reason the market keeps going up: Corporate profits have been fantastic in the latest quarter, with earnings coming in 16.7% above expectations, as 88.5% of companies beat forecasts, according to Refinitiv. What’s more, 86.8% topped revenue forecasts. Analysts continue to have to lift their estimates to account for the growth. That has allowed investors to look past sky-high valuations, on the assumption that they’re going to get stronger earnings than the official estimates, notes Leuthold Group’s Phil Segner.\nBut that’s not normally how it works. In most years, estimates start too high and are slowly lowered. “For now, marvel at the amazing, expanding forward EPS for the S&P 500,” he writes. “But at some point, if years of history are any guide, forward EPS estimates will again be too high, and that may be a cathartic moment for the market.”\nInvestors got a hint of that with Big Tech, whose shares were punished when companies reduced guidance. The rest of the market should be fine as long as it doesn’t follow tech’s lead. 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Stocks Are Sturdier Than Big Tech’s Tumble Suggests

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