‘Mag Seven’ Get Crushed Before Next Week’s Results: Markets Wrap

Bloomberg04-20

(Bloomberg) -- A selloff in the world’s largest technology companies hit stocks, with the industry that has powered the bull market getting ready to report earnings next week. Most Read from Bloomberg...

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Auditors Are On to Them\nDubai Grinds to Standstill as Flooding Hits City\nIsrael Reported to Have Launched Retaliatory Strike on Iran\n‘Mag Seven’ Get Crushed Before Next Week’s Results: Markets Wrap\n\nEquities extended their slide from a record, with the S&P 500 breaking below 5,000 and the Nasdaq 100 falling 2%. More than half of the “Magnificent Seven” cohort of tech megacaps is due to announce their results in the next few days — leaving investors wondering whether they will live up to the high expectations set for artificial intelligence. Just Friday, a pair of AI darlings — Nvidia Corp. and Super Micro Computer Inc. — got clobbered.\nProfits for the seven biggest growth companies in the S&P 500 — Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc., Nvidia, Meta Platforms Inc. and Tesla Inc. — are on course to rise 38% in the first quarter, according to Bloomberg Intelligence. When excluding them, the rest of the index’s profits are anticipated to shrink by 3.9%.\n“Investors are expecting not just strong results — but strong guidance,” said Quincy Krosby, chief global strategist at LPL Financial. “Any disappointment from the mega-tech names reporting could push this week’s oversold market deeper into oversold territory.”\nTech came under pressure this week after Taiwan Semiconductor Manufacturing Co. scaled back its outlook for a chip market expansion and ASML Holding NV posted disappointing orders. That has raised some eyebrows on whether those forecasts are a sign of what’s to come as other giants prepare to post earnings. Intel Corp.’s numbers are also due next week.   \nThe S&P 500 is on track for its sixth consecutive drop — the longest losing streak since October 2022. Netflix Inc. plunged, taking the shine off stellar financial results following management’s decision to stop reporting quarterly subscriber data.\nTreasury 10-year yields declined two basis points to 4.61% — almost erasing an earlier plunge of 14 basis points. Oil trimmed a major advance to trade only marginally higher after Iranian media appeared to downplay the effect of Israeli strikes.\nEquities fell at end of a dismal week that saw drumbeat of hawkish Fedspeak and a flare-up in inflation worries weighing heavily on sentiment. While the latest tensions in the Middle East seemed contained, traders opted for a cautious stance.\nNothing can be taken for granted, and markets may remain on edge — especially considering the looming weekend risk, according to Fawad Razaqzada at City Index and Forex.com. He added that inflation continues to be a focal point due to its potential influence on monetary policy.\n“The stock market has been declining in recent weeks because rate cut expectations have dropped significantly — and investors are not surprisingly taking some profits after the strong market performance seen during the first quarter,” said Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management.\nThe stock market is heading toward its third consecutive weekly decline — the longest losing run since September. After a 10% gain in the first quarter — the strongest start to a year since 2019 — investors have been increasingly skeptical about how much further it could go over the near term, even accounting for the continued strength in the economy.\n“Geopolitical and political uncertainty join inflation, rates, and the Fed in pressuring markets, driving a rapid and dramatic shift in the complexion of markets and the attitude of investors,” said Mark Hackett at Nationwide.\nEconomists in the latest Bloomberg monthly survey reduced the probability of a recession in the next 12 months to 30% — the smallest odds since June 2022 and down from 35% last month. The upper boundary of the Fed’s target range for its benchmark interest rate, currently 5.5%, will fall only to 4% by the end of 2025, according to the survey. That’s a half percentage point higher than respondents expected just a month ago.\nInvestors are pulling money out of equities as a strong US economy and sticky inflation fuel concerns that the Fed will keep interest rates higher for longer, according to $Bank of America Corp(BAC-N)$. strategists.\nA team led by Michael Hartnett wrote in a note that good economic news is now bad news for stocks, a shift in mindset from the first quarter when “good news = good.” Evidence of this is the $21.1 billion investors redeemed from stock funds in the two weeks through Wednesday, the most in a fortnight since December 2022, BofA said, citing data from EPFR Global.\nCompanies that move goods around and serve as a bellwether for the American economy sent up a smoke signal this week.\nThe Dow Jones Transportation Average has tumbled to levels last seen in November and is on track to end lower for the third straight week. Moreover, the losses pushed the index deep below its 200-day moving average, a long-term trend indicator that traders closely watch. It is also on pace for the worst month since October.\nThe US stock market’s retreat from all-time highs set late last month is giving investors parked in cash an opening to buy in, according to Sinead Colton Grant, chief investment officer of BNY Mellon’s wealth management arm.\nThe three-week slump in the S&P 500 Index is a healthy consolidation by traders after it soared 10% in the first quarter, on top of a 24% gain in 2023, she said. From here, Colton Grant expects the rally to not only resume but broaden based on strong earnings growth and continuing economic momentum, potentially pushing the S&P 500 beyond the higher end of her 5,000-5,400 target range before 2024 closes out.\nCorporate Highlights:\n\nTrump Media & Technology Group Corp. says an illegal form of short selling might be behind the battering of its stock and it’s asking regulators at Nasdaq Inc. to step in.\nAmerican Express Co. reported revenue that topped estimates in the first three months of the year as consumers continued to flock to the company’s premium credit-card offerings.\nProcter & Gamble Co., the maker of Pampers diapers and Dawn dish soap, reported quarterly sales that fell short of Wall Street estimates, overshadowing an improved profit outlook.\nSLB, the world’s biggest oil-services provider, said it is gearing up for a rebound in activity in the Northern Hemisphere during the second quarter after starting off the year with typical seasonal slowness.\nSuper Micro Computer Inc. sank after the maker of servers announced the date of its third-quarter results but didn’t pre-announce results.\nThe US Federal Aviation Administration is investigating an incident where a passenger was apparently granted unauthorized access to the cockpit of a United Airlines Holdings Inc. charter flight traveling from Denver to Toronto.\nNordstrom Inc.’s founding family has notified the board of its interest in taking the company private.\nMondi Plc walked away from a possible bidding battle for UK packaging rival DS Smith Plc, a move that secures a deal for US bidder International Paper Co.\n\nSome of the main moves in markets:\nStocks\n\nThe S&P 500 fell 0.9% as of 3:22 p.m. New York time\nThe Nasdaq 100 fell 2.1%\nThe Dow Jones Industrial Average rose 0.4%\nThe MSCI World index fell 0.9%\n\nCurrencies\n\nThe Bloomberg Dollar Spot Index was little changed\nThe euro was little changed at $1.0652\nThe British pound fell 0.5% to $1.2370\nThe Japanese yen was little changed at 154.58 per dollar\n\nCryptocurrencies\n\nBitcoin rose 1.3% to $64,332.73\nEther rose 0.6% to $3,087.51\n\nBonds\n\nThe yield on 10-year Treasuries declined two basis points to 4.61%\nGermany’s 10-year yield was little changed at 2.50%\nBritain’s 10-year yield declined four basis points to 4.23%\n\nCommodities\n\nWest Texas Intermediate crude rose 0.7% to $83.30 a barrel\nSpot gold rose 0.7% to $2,394.53 an ounce\n\nThis story was produced with the assistance of Bloomberg Automation.\n--With assistance from Jessica Menton, Farah Elbahrawy, Esha Dey and Alexandra Semenova.\nMost Read from Bloomberg Businessweek\n\nWhat Really Happens When You Trade In an iPhone at the Apple Store\nRents Are the Fed’s ‘Biggest Stumbling Block’ in Taming US Inflation\nThe Pentagon Wants to Give Defense Startups a Chance \nAging Copper Mines Are Turning Into Money Pits Despite Demand\nFor Multinationals, Africa’s Allure Is Fading\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428169548"}