Nvidia earnings the next key catalyst for Big Tech: Barclays

Nvidia’s upcoming earnings report could be the next key catalyst for Big Tech stocks, Barclays strategists said in a note published Friday.

Still, Barclays views the roughly 16% drop in European tech stocks, and the approximately 30% decline in some of its key players, such as ASML (AS:The investment bank expresses a preference for the long-term secular growth potential and quality aspects that the tech sector offers, as opposed to the value-cyclical nature of other struggling sectors like Autos.

The bank’s FX team suggests that yen weakness might resume once market positioning stabilizes and U.S. recession fears subside, but further yen appreciation is possible if the global rate-cutting cycle accelerates due to a recession. They observed a significant reduction in yen shorts ahead of the BoJ meeting and expect more closures since then.

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