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The earnings test

Apr 22, 2024

The current profit taking in tech ( Nasdaq down 6.8% over a month ) is due to a realization by investors that the Fed will not cut rates as quickly as hoped for in light of the hotter inflation data and stronger than expected economic data. Rate cut hopes for this year are down from more than 6 cuts of 25 bps expected at the beginning of the year to less than 2 cuts currently. The more richly valued and partially over-owned growth stocks are affected most by higher for longer interest rates. Nvidia shares NVDA fell by 10% Friday alone erasing $212 billion in market cap. This week will be a test as four of the Magnificent 7 companies will report earnings: Microsoft, Google, Meta, and Tesla.

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The earnings test

Apr 22, 2024