The S & P 500 has dropped nearly 2% for the week, putting the broad-market index on pace for its worst weekly performance since April. The tech-heavy Nasdaq Composite has lost about 3.7%, poised to snap a coming in six-week winning streak, while the Dow is about 0.7% higher. Those moves come as traders rotate out of major tech names in favor of small caps and cyclical stocks that could benefit from Federal Reserve interest rate cuts. The small cap-focused Russell 2000 has climbed 1.
Goldman Sachs reiterated its buy rating on Iron Mountain in a June note, citing its "significant expansion strategy in its data center business globally, fueled in large part by Gen AI." The company has signed an increasing number of hyperscaler clients since 2020, which often have larger eases, better credit and longer contract durations that average between 12 and 15 years, the bank said. Another real estate name, Prologis , is also overbought. Shares are down 7.
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Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »