Last week was a big one for tech earnings, but it ended on a whimper as a series of disappointments left market watchers questioning the strength of the tech rally. The week kicked off with positive earnings surprises from the likes of Meta and Advanced Micro Devices , but ended with misses and negative outlooks from tech giants Alphabet , Apple and Amazon that paint a worrying picture of consumer weakness and renewed fears of an economic slowdown. Investors were quick to react.
Stuff that people need' But tech isn't Polcari's only way to play the market. In fact, his overall positioning is largely defensive, with his preferred sectors being what he calls STPN, or "stuff that people need." "The bulk of the portfolio is going to be overweight in consumer staples and healthcare, utilities and energy, and then you're going to create alpha around the edge with some of the names that have gotten really beaten up," he said.
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