"Maybe the tech stocks rallied a little bit too much into these numbers, so the market will be taking a deep breath and saying, 'OK, well these companies aren't bulletproof,'" said Daniel Morgan, senior portfolio manager at Synovus Trust Company in Atlanta, Georgia., the four U.S. companies with trillion-dollar market values, have led the broad-market S&P 500 in 2023. The index is up nearly 9% year-to-date, with Amazon gaining 34%.
"When things started to reopen in December , we did see an increase in traffic to our stores as compared to November and an increase in demand as December rolled around," Apple Chief Executive Tim CookCook said lockdowns in China hurt both production and demand, and the company faced headwinds from the strong U.S. dollar that pushed revenues lower.
“Currency was a headwind but will be a tailwind in Q1,” said Nancy Tengler, chief executive of Laffer Tengler Investments in Scottsdale, Arizona, referring to the dollar's weakening trajectory.Similarly,comparable sales fell 29% from the previous year in China, the company's fastest-growing market, but that beginning in January, it saw "very encouraging" recovery momentum there.
Other U.S. consumer bellwethers painted a mixed picture. Consumer staples giant Clorox said product volumes fell in three of the company's four business segments in the fourth quarter, whileThey, and other companies, are still grappling with higher interest rates that are slowing demand. This year's surge in stocks has been built on a rally in bonds, as lower yields make high-valuation shares more attractive.
"In many respects we’re waiting for that other shoe to drop – the impact of higher rates on the economy, inflation, earnings and jobs," said Jack Ablin, co-founder and chief investment officer at Cresset Capital, which manages $30 billion. "Profits tend to trough nine months after overnight rates peak and we haven’t even seen the peak in overnight rates yet.
You guys are always hours late to post news..keep this up and you’ll be irrelevant within the next decade
Great they're too freakin big anyway and have put Mom Pops businesses out of business nation wide, hope they fragment soon 👍👍