Earlier this year, Big Tech stocks were soaring, and pulling up the S&P 500. They’re dropping now, and taking the market a few rungs.
These companies together, with a market value of several trillion dollars, represent a double-digit percentage of the S&P 500’s total value. They were responsible for a large part of the index’s gain, and outperformed most other sectors. Investor and analyst enthusiasm for artificial-intelligence advancements was a big factor. In the case of Apple, which was less of an AI beneficiary, the iPhone maker continued to surpass analyst’s earnings estimates to command its high valuation.
Newsletter Sign-up That’s partly because of a recent pop in bond yields. Higher long-dated bond yields reduce the value of future profits. Even though Big Tech companies are profitable, they’re still growing, and a large bulk of their profits are expected come many years in the future.
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