Tech titans face earnings heat

2023-10-20

Tech titans face earnings heat amid bond yield surge

Tech giants like Apple, Microsoft, Amazon, and Tesla are driving a 12% gain in the S&P 500 . But they face pressure from rising bond yields, which have caused their valuations to surge (average forward P/E ratio of 33.5 vs. S&P 500's 18.3). Tesla's stock dropped 9% after disappointing Q3 results. While mega-cap companies are expected to see a 32.8% earnings increase in 2023, the rest of the S&P 500 is predicted to decline by 2.3%, according to LSEG.

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