Top strategists warn the tech selloff is far from over amid worry over slowing earnings growth.
That’s the warning from strategists this week as investors dump big tech stocks in favor of previously unloved areas of the market. The Nasdaq 100 closed the week down 2.7%, marking the third week in a row of declines, with the technology sector suffering its largest single-day percentage drop since October 2022.
The significant shift under way has pushed small caps to the top of investors' buying lists. The Russell 2000 recorded weekly gains for the third week in a row, marking its best three week stretch since 2022. Data compiled by Bespoke found that the outperformance spread between the Russell 2000 and the Nasdaq 100 over the last 12 trading days, in favor of the small-cap index, is the second most extreme in the history of the two indices.
In a note to clients, Goldman Sachs’ David Kostin wrote investors are starting to worry about the prospect of “overinvestment” in AI without timely proven returns, noting that Amazon — French mountain biker Pauline Ferrand-Prevot finally won the Olympic gold medal that she had been chasing for more than a decade on Sunday, while Haley Batten pounced when misfortune struck two of her biggest rivals to claim silver in the best finish ever for an American rider.
Earnings Growth Nasdaq 100 Tech Goldman Sachs Spending Brad Mcmillan
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Top Wall Street strategist explains why he's abandoning an S&P 500 targetPiper Sandler will no longer release year-end price targets for the S&P 500 after concluding that the index no longer truly reflects the stock market's...
Read more »
Wall Street sees renewed momentum for gold prices next week, Main Street’s bullish sentiment increasesThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Bank of America leans on Wall Street as high rates pose challenges to Main Street operationsSecond-quarter profits at Bank of America fell 7% from a year ago as its consumer operations wrestled with higher interest rates, but it was able to churn...
Read more »
Wall Street experts nearly unanimous on gold posting gains next week, Main Street sentiment firmly bullishThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Wall Street’s top regulator could face worsening battle in wake of Supreme Court rulingU.S. Supreme Court’s move to curb federal agency powers could curtail efforts by the U.S. Securities and Exchange Commission to establish new rules to police Wall Street, legal experts said
Read more »
Analysis-Wall Street's top regulator faces worsening battle in wake of Supreme Court rulingThe Supreme Court's move to curb federal agency powers could curtail efforts by the U.S. Securities and Exchange Commission to establish new rules to police ...
Read more »