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SaltWire's Atlantic regional weather forecast for November 1, 2023 | SaltWireNEW YORK - A slide in the shares of the massive U.S. technology and growth companies that have led stocks higher this year is tempting investors hoping for bargains ahead of results from market bellwether Apple.
Some market participants see an opportunity. Shares of the Magnificent Seven - Apple, Microsoft, Alphabet, Amazon, Nvdia, Meta Plaforms and Tesla - have soared over the last decade, and now many are drawing investors with rock-solid balance sheets that many believe can weather rocky economic times. Lip said his firm owns shares of all seven companies and has recently added to its holdings in some of them.
Higher yields increase the cost of capital for businesses and households, while also making government bonds a more attractive alternative to equities. The 10-year benchmark Treasury yield has risen about 100 basis points since late July as stocks have come under pressure. Kim Forrest, chief investment officer at Bokeh Capital Partners, which holds Apple shares, said she was looking for insight into the extent of potential saturation of the smartphone market and the willingness of consumers to buy the next iPhone model.
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