Asia Stocks to Rise as Tesla Buoys US Tech Giants: Markets Wrap

-- Stocks in Asia were set to open higher after a US rally in tech heavyweights, whose high-stakes earnings are being seen by Wall Street investors as a major test of the bull run in equities.Biden’s New Chopper Is Demoted After Scorching White House Lawn

“We would view the recent pullback as a buying opportunity,” Citi’s Mihir Tirodkar and Beata Manthey said. “Bullish positioning has unwound and now looks more neutral, particularly in the US. The current earnings season could refocus investor attention on solid underlying fundamentals.” Besides Tesla, Microsoft Corp., Meta Platforms Inc. and Alphabet Inc. are also due to report earnings this week. Profits for the “Magnificent Seven” group — which also includes Apple Inc., Amazon.com Inc. and Nvidia Corp. — are forecast to rise about 40% in the first quarter from a year ago, according to Bloomberg Intelligence data.

“After all, the strong balance sheet characteristics and secure competitive market positions of the Magnificent Seven imply that a significant correction is unlikely, despite their valuations drawing comparisons to the 2000s tech bubble,” she said.

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