After the best October in decades, November is off to a lousy start. The S & P 500 has been down every day this week, falling 4.6%. The Nasdaq-100 is down 7.3% and roughly 2% from a new low. Several key sectors — communication services and consumer discretionary — are sitting at 52-week lows. Technology isn't any better, only 1% from a new low. All of the largest tech stocks in the S & P have had a horrendous week, with double-digit declines: Big cap tech this week Amazon - 13.
The underperformance of the big cap tech stocks is the main reason the equal-weighted S & P 500 is only down 3.1% this week, versus the 4.6% decline in the S & P 500, which is weighted by market capitalization. Bulls can take some comfort in the fact that the bulk of the blame for the weakness in the S & P 500 this week has been a re-rating of the 2023 earnings growth for technology stocks, especially the biggest names. Many feel it is long overdue.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: WashTimes - 🏆 235. / 63 Read more »