While President Trump says the U.S. is “locked and loaded” and investors sift through the aftermath of the weekend attack that disrupted Saudi Arabia’s crude output, the Wall Street vet who ran Merrill Lynch’s giant tech fund during the dot-com days issued a warning for those looking to hitch their ride to the tech sector.
“My typical tech company is deeply embedded in a supply chain between the two nations,” he told CNBC. “We’ve also started to see a decline in the economic growth rate particularly abroad, less drastic here in the states. But a lot of people don’t realize that tech products and services, whether that be sold to the enterprise or sold to the consumer, you know typically are cyclical.”
Meeks says Salesforce.com’s CRM, +0.02% software business “is growing faster and is much more profitable than anything that Apple is doing.” The tweet It is now time for the U.S. to put on the table an attack on Iranian oil refineries if they continue their provocations or increase nuclear enrichment.
China delivered a batch of disappointing data, including industrial output and retail sales. China’s premier Li Keqiang reportedly said it would be ‘very difficult’ for the economy to keep 6% growth going.