(Bloomberg) -- The stakes were already elevated for technology giants heading into this earnings season. They just got a lot higher after the worst week for ...
-- The stakes were already elevated for technology giants heading into this earnings season . They just got a lot higher after the worst week for the Nasdaq 100 Index in three months.How a Routine CrowdStrike Update Crashed the World’s Computers
Heading into the key stretch of announcements, the Nasdaq 100 is up 16% this year after this week’s 4% tumble, its steepest since April. The S&P 500 Index is up about 15% in 2024, with much of the advance generated by the largest tech stocks. The five biggest US technology companies — Apple, Microsoft, Nvidia, Alphabet and Amazon — are facing tough comparisons with the stellar earnings cycles of the past year. Profits for the group are projected to rise 29% in the second quarter from the same period a year earlier, data compiled by Bloomberg Intelligence show.
That hasn’t dampened the mood for the stock, which is up almost 70% from an April low. Tesla investors are pinning their hopes on Elon Musk’s promised robotaxi service. After the company postponed an event initially scheduled for next month, investors will be looking for details on Tesla’s earnings call about progress on the self-driving car initiative.
The tech sector is the only segment where valuations are above historical averages and analysts have still been revising estimates higher, according to Gina Martin Adams, chief equity strategist at Bloomberg Intelligence. That’s created a situation where misses are likely to be punished, she said. Mark Spitznagel told The Wall Street Journal the government's $34 trillion debt would make the stock-market bubble's impact more extreme.Netflix is canceling its $11.99 monthly basic subscription for streaming without ads. Subscribers will need to opt for another option.Forget Fortis Stock: Buy This Magnificent Utilities Stock Instead
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