Tech, Mag 7 'less of an outlier' as earnings growth broadens

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'The tech sector, as a sector in the second quarter, we saw earnings growing at a 20% rate. So it's still a very robust level in terms of growth,' HSBC head ...

"The tech sector, as a sector in the second quarter, we saw earnings growing at a 20% rate. So it's still a very robust level in terms of growth," HSBC head of equity strategy for the Americas Nicole Inui says."But what we're seeing now is this broadening of earnings growth. So we're seeing other sectors like financials, utilities, healthcare growing at a very similar rate. So tech is less of an outlier of what we saw in the... beginning of the year and in 2023.

So tech is less of an outlier of what we saw in the, you know, in the beginning of the year and in 2023. Or is the Fed cutting rates because we're seeing inflation coming down to a level that they feel comfortable with bringing rates down and we're still in the latter camp?We think the US avoids a recession, and that combination of the Fed.

And it points to this idea that while yes, we are seeing that rotation those names outside of the mag seven that you can see on your screen here in the lighter blue colour. So, um you know, again, II, I think this is You know, I think this is the exciting part that we've had a rally that's been extremely common, concentrated year to date.

 

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