As of Friday's close, the Nasdaq Composite sits 30% from its record closing high of 16,057.44 on Nov. 19, 2021. It has sold off sharply since then as tech shares tumbled amid soaring inflation and higher Federal Reserve interest rates. This combination has left investors less keen on owning names with sky-high valuations and low profits. The S & P 500, meanwhile, is down 15.
's "Closing Bell: Overtime" earlier this month. "There has to be good behavior on the part of those companies for there to be a broad-based rally." The market may move sideways or slightly higher without their assistance, but an aggressive tick to the upside hinges on their involvement, he said.
Pro searched for stocks in the Nasdaq 100 — which is made up of the 100-largest Composite stocks — that could lead tech out of its rut. The names have buy ratings from at least 60% of analysts covering them and an average implied upside of 25% or more. 's screen found mega-cap technology stocks Alphabet and Amazon among the potential torch-carrying candidates. At least three-quarters of analysts say both stocks are a buy, despite shares plummeting about 33% and 44%, respectively, this year. Consensus price targets suggest Alphabet and Amazon could offer 28.9% and 45.5% respective upsides. Software companies Datadog , Atlassian , Zscaler and CrowdStrike — once high-flying names — made the cut.
Facebook, Instagram, and LinkedIn are done. These will be gone in the next 3-5 years. They will not be replaced. The golden era of social media is a dying animal. Young people are not interested in these platforms. They seek experience based entertainment. It’s over.
We do not want a tech rebound.
Thanks. Shorting all 3
Imagine thinking we’ll get a tech rebound while rates are still rising and the Fed is running off their balance sheet? Deluded. It’s over, give it up
nahhh not at all, to WOKE for us
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