$JPMorgan Chase(JPM)$ $Berkshire Hathaway(BRK.B)$ $Visa(V)$ $Amazon.com(AMZN)$ $Microsoft(MSFT)$ 

Kia ora Tiger traders.

Looks like the financial titans are strutting their stuff today! BRK.B, JPM, V, MA, WFC, GS, AXP, MS, and C are all showing those techies who's boss with a stylish green uptrend.

Tech stocks are down today due to a combination of factors. One significant reason is the anticipation of upcoming earnings reports. Big tech companies like Amazon, Alphabet, Microsoft, and Meta are set to announce their earnings soon, and there’s often market volatility leading up to these announcements as investors adjust their positions in response to expectations and potential outcomes .

Additionally, ongoing economic headwinds continue to impact the tech sector. The recent rise in layoffs across major tech companies has added to the uncertainty. These layoffs, which began ramping up in 2022 and have continued into 2024, are partly due to overstaffing from the pandemic period and the current economic climate pushing companies to cut costs .

Furthermore, broader market conditions, including interest rate policies and concerns about inflation, continue to play a role in tech stock performance. As the Federal Reserve’s rate-hiking cycle influences market sentiment, tech stocks, which are sensitive to interest rate changes, are particularly affected .

Here are some fun facts and historical interest stories to spice things up:

BRK.B (Berkshire Hathaway): Did you know Warren Buffett bought his first stock at age 11 and regrets not starting earlier? Berkshire Hathaway was originally a textile manufacturing company!

JPM (JPMorgan Chase): The bank traces its origins back to 1799 with the founding of The Manhattan Company by Aaron Burr, who is infamous for killing Alexander Hamilton in a duel.

V (Visa): Visa was originally called "BankAmericard" when it launched in 1958 as the first consumer credit card programme for middle-class Americans and small to mid-sized merchants.

MA (Mastercard): Launched as "Interbank" in 1966, Mastercard's early advertisements featured the now-famous "Don't leave home without it" slogan.

WFC (Wells Fargo): Founded in 1852, Wells Fargo's stagecoach symbol harks back to the days when it provided express mail delivery by stagecoach, covering routes across the American West.

GS (Goldman Sachs): In 1869, Marcus Goldman began his financial business in a basement office on Pine Street in Lower Manhattan, laying the foundation for what would become a global financial powerhouse.

AXP (American Express): Founded in 1850, American Express started as an express mail business in Buffalo, New York, and by 1891, they introduced the first American Express Traveler's Cheques.

MS (Morgan Stanley): Formed in 1935 by J.P. Morgan's grandson, Morgan Stanley played a significant role in helping to finance the construction of the Golden Gate Bridge.

C (Citigroup): In 1812, Citigroup was originally the City Bank of New York, later becoming National City Bank. It was the first American bank to open a foreign branch in 1914 in Buenos Aires, Argentina.

Happy trading ahead! Cheers, BC 🍀

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