Strong earnings will reverse decline in megacap tech stocks: Goldman Sachs By Reuters

© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., August 15, 2023. REUTERS/Brendan McDermid/File Photo

The mega caps in aggregate have beaten consensus sales growth expectations 81% of the time and have outperformed in two-thirds of earnings seasons since the fourth quarter of 2016, Goldman's strategists said. The bullish call on tech stocks comes as investor sentiment for equities overall has flatlined, which historically has been a contrarian indicator of more gains ahead, Savita Subramanian, equity and quant strategist at BofA Global Research, wrote in a note Monday.

The S&P 500 has dropped nearly 5% over the last 10 trading days but remains slightly more than 11% up since the start of the year.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Goldman Sachs names 6 global stocks to play the energy transition — giving one over 90% upsideGoldman Sachs says one sector is the 'largest source of renewable energy in the world.' Here are some of its top stock picks.
Source: CNBC - 🏆 12. / 72 Read more »

Magnificent Seven tech stocks haven't been this cheap in six years, Goldman Sachs strategists sayThe top megacap stocks haven't been this cheap in six years.
Source: MarketWatch - 🏆 3. / 97 Read more »