Mega Tech Stocks Are Up Next!!
As we spoke in the weekend stock update, we expected stocks to continue to rise. And on Tuesday, US equities soared sending the S&P 500 and the Nasdaq toward the highest close in a month.
And reading between the lines, the Fed is now getting added pressure from politicians to pivot. If the Fed pivots, that would rocket stocks higher. But the fate of any rally - if only for the next few days – appears to be in the hands of the mega tech companies reporting earnings this week. As I record this video, Microsoft and Alphabet (by the way, Alphabet is a stupid name for a company, Google was much better. The only name change that is worse is Meta). But back to Microsoft and Alphabet, in the after-hours trading, both are struggling.
Recently, KeyBanc joined Bank of America in cutting its price targets for the mega stocks highlighting skepticism of revenue growth and the mounting concerns of a downturn in 2023.
JP Morgan Mega Cap Tech index (which includes NFLX, GOOGL, AAPL, AMZN, MSFT, NVDA and META) has collapsed 40% YTD. And today, we’re gonna look at the tech stocks through the Nasdaq proxy.