Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares

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Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares

Bloomberg2021-05-13

(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...

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Rocal
·2021-05-14
ah oh![難過]
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Jackyong84
·2021-05-13
?
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Hayz
·2021-05-13
Where are you gonna put all the printed money? Hmmmmmm.
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3
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The_scalper
·2021-05-13
I’m 2 weeks time you won’t hear about inflation fears if/when mkt picks up
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- Junwei95:
  noucee
  2021-05-13
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ZacC
·2021-05-13
Please like and comment
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5
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- TTH4Legs:
  Done. Reply pls
  2021-05-13
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- Moonwalker:
  Wassup
  2021-05-13
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stocksown
·2021-05-13
nice bro
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- 股神徒孙:
  Sure
  2021-05-13
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- ZacC:
  please like and comment
  2021-05-13
  Reply
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Jaden994
·2021-05-13
Like and comment. Tks.
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- TTH4Legs:
  Done. Reply pls
  2021-05-13
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- stocksown:
  nice
  2021-05-13
  Reply
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Simon2021
·2021-05-13
Unlikely to drop 40%
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- Pettan:
  Same thought
  2021-05-13
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- Jaden994:
  maybe la
  2021-05-13
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andybian
·2021-05-13
The question is, if 37% drop from S&P 500, the fund has to flow somewhere. Crypto, commodity, bonds, savings at 0.05%, hard to liquid real estate? Or Emerging markets, China or recovering Euro? The reason why sharp rise in equity 2020 Covid, it's because fund need to flow somewhere. How would it possibly reverse course?Perhaps if Mars now can be colonies, then I know where the funds would flow.
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- Dcagency:
  Bery true, With US printing money and flow into the market. too much liquidity
  2021-05-13
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Gbsmidoban
·2021-05-13
What’s cause inflation?
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2
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- Gbsmidoban:
  thank you
  2021-05-13
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- stocksown:
  nice
  2021-05-13
  Reply
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MK27
·2021-05-13
Let's ride this correction together!
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4
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- MK27:
  yes indeed
  2021-05-14
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- Pettan:
  In it together
  2021-05-13
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GRNSquirrel
·2021-05-13
High time tech stocks fall from their lofty valuations. Also those unprofitable tech stocks going 100x of shares .. dotcom reminder.
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MochiMama
·2021-05-13
Like and comment
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doctorpot1
·2021-05-13
Looks like the anticipated bubble bursting is happening soon. Time to prepare some cash to buy in when these company finally become fairly price or on a discount.
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- WCS1981:
  What are the indicators you look at?
  2021-05-13
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- Pettan:
  Standby
  2021-05-13
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Bll
·2021-05-13
Like and comment pls
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1
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- koolgal:
  Ok
  2021-05-13
  Reply
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koolgal
·2021-05-13
Stay calm and don't panic sell. Please like and comment. Thanks
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4
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- koolgal:
  Thanks
  2021-05-13
  Reply
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- Bll:
  [龇牙]
  2021-05-13
  Reply
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GabbieTeo
·2021-05-13
Think the worst are cruise and airlines... they are back to pre covid market cap, but business revenue are no where near pre covid... but tech business revenue are growing rapidly...
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- andybian:
  yup. don't make sense to me too. Guess is huge funds manipulation.
  2021-05-13
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Daveb
·2021-05-13
Please fellow investors always note the extremely vague language and lack of named socalled analysts or sources. When you take a minute to study these sorts of articles you will find it very difficult to find anything factual or supported. Its all FUD... Do not listen to snd Certainly DO NOT react or sell even of you see a price drop... HOLD.. do NOT play their game.Retail investors must learn not to react to fear tactics or even falling prices... why?? Because there is a far greater chance that they will ALL rise again AND go higher.PATIENCE. HOLD. BE CALM
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- Daveb:
  ?????✊???
  2021-05-19
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- Daveb:
  Once everyone grasps that then there are no reasons to have a loss unless company eas very poor in the first place. Simply holding os the key that bests hedge funds ??✊?
  2021-05-19
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- Daveb:
  ????✊?
  2021-05-13
  Reply
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MLSH7848
·2021-05-13
Exactly. Right points.
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With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":198537850,"gmtCreate":1620968966970,"gmtModify":1704351316905,"author":{"id":"3578632159057306","authorId":"3578632159057306","name":"Rocal","avatar":"https://static.tigerbbs.com/f51f3089eba7fbb1dfa3d545fd18d23f","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578632159057306","authorIdStr":"3578632159057306"},"htmlText":"ah oh![難過]&nbsp;","listText":"ah oh![難過]&nbsp;","text":"ah oh![難過]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/198537850","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":191402504,"gmtCreate":1620895660208,"gmtModify":1704350050104,"author":{"id":"3582953185217649","authorId":"3582953185217649","name":"Jackyong84","avatar":"https://static.tigerbbs.com/6d46bc6e7215811b3fb3194c0e514231","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582953185217649","authorIdStr":"3582953185217649"},"htmlText":"?&nbsp;","listText":"?&nbsp;","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191402504","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":191575761,"gmtCreate":1620894904153,"gmtModify":1704350037931,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"htmlText":"Where are you gonna put all the printed money?&nbsp; Hmmmmmm.","listText":"Where are you gonna put all the printed money?&nbsp; Hmmmmmm.","text":"Where are you gonna put all the printed money? Hmmmmmm.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191575761","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":191565992,"gmtCreate":1620891055516,"gmtModify":1704349981943,"author":{"id":"3579590433924918","authorId":"3579590433924918","name":"The_scalper","avatar":"https://static.tigerbbs.com/b3fede485fa71d42dc4ea08960ab3e00","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3579590433924918","authorIdStr":"3579590433924918"},"htmlText":"I’m 2 weeks time you won’t hear about &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;inflation fears if/when mkt picks up","listText":"I’m 2 weeks time you won’t hear about &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;inflation fears if/when mkt picks up","text":"I’m 2 weeks time you won’t hear about inflation fears if/when mkt picks up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/191565992","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4312397,"gmtCreate":1620891448754,"gmtModify":1680788504568,"authorId":3579093726134418,"author":{"id":3579093726134418,"idStr":"3579093726134418","authorId":3579093726134418,"name":"Junwei95","avatar":"https://static.tigerbbs.com/5734fa382cf5d7d04f07c5680a28a7df","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191565992,"type":1,"supId":0,"prevId":0,"content":"noucee","text":"noucee","html":"noucee"}],"langContent":"EN"},{"id":191568302,"gmtCreate":1620890772506,"gmtModify":1704349978224,"author":{"id":"3577076053545624","authorId":"3577076053545624","name":"ZacC","avatar":"https://static.tigerbbs.com/fb3e0949f7f131c349ddc224589c2f90","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577076053545624","authorIdStr":"3577076053545624"},"htmlText":"Please like and comment&nbsp;","listText":"Please like and comment&nbsp;","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191568302","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4312502,"gmtCreate":1620892214076,"gmtModify":1680788505068,"authorId":3576220386239608,"author":{"id":3576220386239608,"idStr":"3576220386239608","authorId":3576220386239608,"name":"TTH4Legs","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.01.06","exceedPercentage":"60.59%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191568302,"type":1,"supId":0,"prevId":0,"content":"Done. Reply pls","text":"Done. Reply pls","html":"Done. Reply pls"},{"id":4312336,"gmtCreate":1620891104112,"gmtModify":1680788488457,"authorId":3578144431053530,"author":{"id":3578144431053530,"idStr":"3578144431053530","authorId":3578144431053530,"name":"Moonwalker","avatar":"https://static.tigerbbs.com/09c444fbe99e3975f4bc242d4d531918","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.27","exceedPercentage":"93.60%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191568302,"type":1,"supId":0,"prevId":0,"content":"Wassup","text":"Wassup","html":"Wassup"}],"langContent":"EN"},{"id":191587965,"gmtCreate":1620890241157,"gmtModify":1704349970789,"author":{"id":"3581764501240522","authorId":"3581764501240522","name":"stocksown","avatar":"https://static.tigerbbs.com/1cd4b2b2ebfd577c03e2e9db6a1f4277","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581764501240522","authorIdStr":"3581764501240522"},"htmlText":"nice bro&nbsp;","listText":"nice bro&nbsp;","text":"nice bro","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191587965","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4313573,"gmtCreate":1620900414186,"gmtModify":1680788516323,"authorId":3573474804628073,"author":{"id":3573474804628073,"idStr":"3573474804628073","authorId":3573474804628073,"name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191587965,"type":1,"supId":4312313,"prevId":0,"content":"Sure ","text":"Sure ","html":"Sure "},{"id":4312313,"gmtCreate":1620890965364,"gmtModify":1680788489069,"authorId":3577076053545624,"author":{"id":3577076053545624,"idStr":"3577076053545624","authorId":3577076053545624,"name":"ZacC","avatar":"https://static.tigerbbs.com/fb3e0949f7f131c349ddc224589c2f90","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191587965,"type":1,"supId":0,"prevId":0,"content":"please like and comment","text":"please like and comment","html":"please like and comment"}],"langContent":"EN"},{"id":191589907,"gmtCreate":1620889315009,"gmtModify":1704349960718,"author":{"id":"3581726861154705","authorId":"3581726861154705","name":"Jaden994","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581726861154705","authorIdStr":"3581726861154705"},"htmlText":"Like and comment. Tks.&nbsp;","listText":"Like and comment. Tks.&nbsp;","text":"Like and comment. Tks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191589907","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4312504,"gmtCreate":1620892256958,"gmtModify":1680788505701,"authorId":3576220386239608,"author":{"id":3576220386239608,"idStr":"3576220386239608","authorId":3576220386239608,"name":"TTH4Legs","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.01.06","exceedPercentage":"60.59%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191589907,"type":1,"supId":0,"prevId":0,"content":"Done. Reply pls","text":"Done. Reply pls","html":"Done. Reply pls"},{"id":4312243,"gmtCreate":1620890257978,"gmtModify":1680788488224,"authorId":3581764501240522,"author":{"id":3581764501240522,"idStr":"3581764501240522","authorId":3581764501240522,"name":"stocksown","avatar":"https://static.tigerbbs.com/1cd4b2b2ebfd577c03e2e9db6a1f4277","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191589907,"type":1,"supId":0,"prevId":0,"content":"nice ","text":"nice ","html":"nice "}],"langContent":"EN"},{"id":191516573,"gmtCreate":1620888732492,"gmtModify":1704349952304,"author":{"id":"3579817164373495","authorId":"3579817164373495","name":"Simon2021","avatar":"https://static.tigerbbs.com/c606f18645cfc9904bf22be6678518c3","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3579817164373495","authorIdStr":"3579817164373495"},"htmlText":"Unlikely to drop 40%","listText":"Unlikely to drop 40%","text":"Unlikely to drop 40%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191516573","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4312758,"gmtCreate":1620894263619,"gmtModify":1680788499315,"authorId":3576213741857476,"author":{"id":3576213741857476,"idStr":"3576213741857476","authorId":3576213741857476,"name":"Pettan","avatar":"https://static.tigerbbs.com/eea8055165cc8ba5c3e2968ccdcd6400","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191516573,"type":1,"supId":0,"prevId":0,"content":"Same thought","text":"Same thought","html":"Same thought"},{"id":4312108,"gmtCreate":1620889151291,"gmtModify":1680788495811,"authorId":3581726861154705,"author":{"id":3581726861154705,"idStr":"3581726861154705","authorId":3581726861154705,"name":"Jaden994","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191516573,"type":1,"supId":0,"prevId":0,"content":"maybe <u>la</u>","text":"maybe <u>la</u>","html":"maybe <u>la</u>"}],"langContent":"EN"},{"id":191593260,"gmtCreate":1620886527550,"gmtModify":1704349920352,"author":{"id":"3579868315520587","authorId":"3579868315520587","name":"andybian","avatar":"https://static.tigerbbs.com/4c74644b433cb4c92e518b5e3d2a2cf1","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3579868315520587","authorIdStr":"3579868315520587"},"htmlText":"The question is, if 37% drop from&nbsp;S&amp;P 500, the fund has to flow somewhere. Crypto, commodity, bonds, savings at 0.05%, hard to liquid real estate? Or Emerging markets, China or recovering Euro? The reason why sharp rise in equity 2020 Covid, it's because fund need to flow somewhere. How would it possibly reverse course?Perhaps&nbsp;&nbsp;if Mars now can be colonies, then I know where the funds would flow.&nbsp;","listText":"The question is, if 37% drop from&nbsp;S&amp;P 500, the fund has to flow somewhere. Crypto, commodity, bonds, savings at 0.05%, hard to liquid real estate? Or Emerging markets, China or recovering Euro? The reason why sharp rise in equity 2020 Covid, it's because fund need to flow somewhere. How would it possibly reverse course?Perhaps&nbsp;&nbsp;if Mars now can be colonies, then I know where the funds would flow.&nbsp;","text":"The question is, if 37% drop from S&P 500, the fund has to flow somewhere. Crypto, commodity, bonds, savings at 0.05%, hard to liquid real estate? Or Emerging markets, China or recovering Euro? The reason why sharp rise in equity 2020 Covid, it's because fund need to flow somewhere. How would it possibly reverse course?Perhaps if Mars now can be colonies, then I know where the funds would flow.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/191593260","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4311980,"gmtCreate":1620888016853,"gmtModify":1680788490000,"authorId":3557142354281361,"author":{"id":3557142354281361,"idStr":"3557142354281361","authorId":3557142354281361,"name":"Dcagency","avatar":"https://static.tigerbbs.com/811d507c3458decd0eacd9028472dcf4","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191593260,"type":1,"supId":0,"prevId":0,"content":"Bery true, With US printing money and flow into the market. too much liquidity","text":"Bery true, With US printing money and flow into the market. too much liquidity","html":"Bery true, With US printing money and flow into the market. too much liquidity"}],"langContent":"EN"},{"id":191505124,"gmtCreate":1620886121568,"gmtModify":1704349912388,"author":{"id":"3582093264528946","authorId":"3582093264528946","name":"Gbsmidoban","avatar":"https://static.tigerbbs.com/9dd18d717180c48c61b6d1d4d5c27b0f","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3582093264528946","authorIdStr":"3582093264528946"},"htmlText":"What’s cause inflation?","listText":"What’s cause inflation?","text":"What’s cause inflation?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191505124","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4316602,"gmtCreate":1620917517896,"gmtModify":1680788579206,"authorId":3582093264528946,"author":{"id":3582093264528946,"idStr":"3582093264528946","authorId":3582093264528946,"name":"Gbsmidoban","avatar":"https://static.tigerbbs.com/9dd18d717180c48c61b6d1d4d5c27b0f","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191505124,"type":1,"supId":4312246,"prevId":0,"content":"thank you","text":"thank you","html":"thank you"},{"id":4312246,"gmtCreate":1620890269793,"gmtModify":1680788489037,"authorId":3581764501240522,"author":{"id":3581764501240522,"idStr":"3581764501240522","authorId":3581764501240522,"name":"stocksown","avatar":"https://static.tigerbbs.com/1cd4b2b2ebfd577c03e2e9db6a1f4277","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191505124,"type":1,"supId":0,"prevId":0,"content":"nice","text":"nice","html":"nice"}],"langContent":"EN"},{"id":191277435,"gmtCreate":1620885390927,"gmtModify":1704349901825,"author":{"id":"3577012674959023","authorId":"3577012674959023","name":"MK27","avatar":"https://static.tigerbbs.com/e9a32c0134f8bfdefdb94a3f5828fcae","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":4,"crmLevelSwitch":1,"idStr":"3577012674959023","authorIdStr":"3577012674959023"},"htmlText":"Let's ride this correction together!","listText":"Let's ride this correction together!","text":"Let's ride this correction together!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191277435","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4321214,"gmtCreate":1620953657995,"gmtModify":1680788659723,"authorId":3577012674959023,"author":{"id":3577012674959023,"idStr":"3577012674959023","authorId":3577012674959023,"name":"MK27","avatar":"https://static.tigerbbs.com/e9a32c0134f8bfdefdb94a3f5828fcae","vip":1,"currentWearingBadge":{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":4,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191277435,"type":1,"supId":4312771,"prevId":0,"content":"yes indeed","text":"yes indeed","html":"yes indeed"},{"id":4312771,"gmtCreate":1620894331484,"gmtModify":1680788499425,"authorId":3576213741857476,"author":{"id":3576213741857476,"idStr":"3576213741857476","authorId":3576213741857476,"name":"Pettan","avatar":"https://static.tigerbbs.com/eea8055165cc8ba5c3e2968ccdcd6400","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191277435,"type":1,"supId":0,"prevId":0,"content":"In it together","text":"In it together","html":"In it together"}],"langContent":"EN"},{"id":191274951,"gmtCreate":1620885216173,"gmtModify":1704349899884,"author":{"id":"3581840014408520","authorId":"3581840014408520","name":"GRNSquirrel","avatar":"https://static.tigerbbs.com/690454fce76a4c971959c67cd6dc47a8","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581840014408520","authorIdStr":"3581840014408520"},"htmlText":"High time tech stocks fall from their lofty valuations. Also those unprofitable tech stocks going 100x of shares .. dotcom reminder.","listText":"High time tech stocks fall from their lofty valuations. Also those unprofitable tech stocks going 100x of shares .. dotcom reminder.","text":"High time tech stocks fall from their lofty valuations. Also those unprofitable tech stocks going 100x of shares .. dotcom reminder.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191274951","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":191275043,"gmtCreate":1620885110582,"gmtModify":1704349898269,"author":{"id":"3579166997546108","authorId":"3579166997546108","name":"MochiMama","avatar":"https://static.tigerbbs.com/b02cba851ffc5d8be520010c7a579eb4","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3579166997546108","authorIdStr":"3579166997546108"},"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191275043","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":191273940,"gmtCreate":1620884644880,"gmtModify":1704349892615,"author":{"id":"3581699733477024","authorId":"3581699733477024","name":"doctorpot1","avatar":"https://static.itradeup.com/news/0e7d78912a99fd0ef007d6aa29e1a0e5","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"3581699733477024","authorIdStr":"3581699733477024"},"htmlText":"Looks like the anticipated bubble bursting is happening soon. Time to prepare some cash to buy in when these company finally become fairly price or on a discount.&nbsp;","listText":"Looks like the anticipated bubble bursting is happening soon. Time to prepare some cash to buy in when these company finally become fairly price or on a discount.&nbsp;","text":"Looks like the anticipated bubble bursting is happening soon. Time to prepare some cash to buy in when these company finally become fairly price or on a discount.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191273940","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4313983,"gmtCreate":1620903995106,"gmtModify":1680788530898,"authorId":3582764273979695,"author":{"id":3582764273979695,"idStr":"3582764273979695","authorId":3582764273979695,"name":"WCS1981","avatar":"https://static.tigerbbs.com/f98e28d5b1695429dd1657ecc78f93f5","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191273940,"type":1,"supId":0,"prevId":0,"content":"What are the indicators you look at?","text":"What are the indicators you look at?","html":"What are the indicators you look at?"},{"id":4312775,"gmtCreate":1620894369901,"gmtModify":1680788503898,"authorId":3576213741857476,"author":{"id":3576213741857476,"idStr":"3576213741857476","authorId":3576213741857476,"name":"Pettan","avatar":"https://static.tigerbbs.com/eea8055165cc8ba5c3e2968ccdcd6400","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191273940,"type":1,"supId":0,"prevId":0,"content":"Standby","text":"Standby","html":"Standby"}],"langContent":"EN"},{"id":191270068,"gmtCreate":1620884447554,"gmtModify":1704349889868,"author":{"id":"3575152525326279","authorId":"3575152525326279","name":"Bll","avatar":"https://static.tigerbbs.com/b372fc92d67296f5ba36af78d1d6e935","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575152525326279","authorIdStr":"3575152525326279"},"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/191270068","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4311558,"gmtCreate":1620884619559,"gmtModify":1680788485092,"authorId":3559581955535845,"author":{"id":3559581955535845,"idStr":"3559581955535845","authorId":3559581955535845,"name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"currentWearingBadge":{"badgeId":"c4ee29b388ff41cc8462b3b7ea00d1e2-1","templateUuid":"c4ee29b388ff41cc8462b3b7ea00d1e2","name":"Monthly Top Contributor","description":"Top 3 Contributors with the most and best Editor's Picks every month","bigImgUrl":"https://static.tigerbbs.com/b0cad6192443c33dca826a001250fbd4","smallImgUrl":"https://static.tigerbbs.com/5ccd98c646815ce7610b0df338e060cc","redirectLinkEnabled":1,"redirectLink":"https://ttm.financial/TW/9000980585","hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.04.02","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":2003},"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[{"badgeId":"9427a906234c4b18a82ec3d7730b7fa8-1","templateUuid":"9427a906234c4b18a82ec3d7730b7fa8","name":"Star Contributor","description":"Have published 3 or more picked posts, and have published at least one picked post and participated in comments within 30 days","bigImgUrl":"https://community-static.tradeup.com/news/1866dcf97a73be1c330f85862546aedc","smallImgUrl":"https://community-static.tradeup.com/news/4f5c5fa8e2c7683bb5a7fce8753ee456","redirectLinkEnabled":1,"redirectLink":"https://ttm.financial/activity/market/2023/star-contributors/","hasAllocated":1,"isWearing":0,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.11.26","individualDisplayEnabled":1,"backgroundColor":{"dark":"#675a37","tint":"#f9ebc2"},"fontColor":{"dark":"#ffffff","tint":"#ab7a0e"},"individualDisplaySort":0,"categoryType":2007}]},"repliedAuthorId":0,"objectId":191270068,"type":1,"supId":0,"prevId":0,"content":"<u>Ok</u>","text":"<u>Ok</u>","html":"<u>Ok</u>"}],"langContent":"EN"},{"id":191247640,"gmtCreate":1620884392380,"gmtModify":1704349889222,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":6,"crmLevelSwitch":1,"idStr":"3559581955535845","authorIdStr":"3559581955535845"},"htmlText":"Stay calm and don't panic sell.&nbsp; Please like and comment. Thanks","listText":"Stay calm and don't panic sell.&nbsp; Please like and comment. Thanks","text":"Stay calm and don't panic sell. Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/191247640","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4311554,"gmtCreate":1620884600665,"gmtModify":1680788488154,"authorId":3559581955535845,"author":{"id":3559581955535845,"idStr":"3559581955535845","authorId":3559581955535845,"name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"currentWearingBadge":{"badgeId":"c4ee29b388ff41cc8462b3b7ea00d1e2-1","templateUuid":"c4ee29b388ff41cc8462b3b7ea00d1e2","name":"Monthly Top Contributor","description":"Top 3 Contributors with the most and best Editor's Picks every month","bigImgUrl":"https://static.tigerbbs.com/b0cad6192443c33dca826a001250fbd4","smallImgUrl":"https://static.tigerbbs.com/5ccd98c646815ce7610b0df338e060cc","redirectLinkEnabled":1,"redirectLink":"https://ttm.financial/TW/9000980585","hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.04.02","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":2003},"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[{"badgeId":"9427a906234c4b18a82ec3d7730b7fa8-1","templateUuid":"9427a906234c4b18a82ec3d7730b7fa8","name":"Star Contributor","description":"Have published 3 or more picked posts, and have published at least one picked post and participated in comments within 30 days","bigImgUrl":"https://community-static.tradeup.com/news/1866dcf97a73be1c330f85862546aedc","smallImgUrl":"https://community-static.tradeup.com/news/4f5c5fa8e2c7683bb5a7fce8753ee456","redirectLinkEnabled":1,"redirectLink":"https://ttm.financial/activity/market/2023/star-contributors/","hasAllocated":1,"isWearing":0,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.11.26","individualDisplayEnabled":1,"backgroundColor":{"dark":"#675a37","tint":"#f9ebc2"},"fontColor":{"dark":"#ffffff","tint":"#ab7a0e"},"individualDisplaySort":0,"categoryType":2007}]},"repliedAuthorId":0,"objectId":191247640,"type":1,"supId":4311537,"prevId":0,"content":"<u>Thanks</u>","text":"<u>Thanks</u>","html":"<u>Thanks</u>"},{"id":4311537,"gmtCreate":1620884459857,"gmtModify":1680788486205,"authorId":3575152525326279,"author":{"id":3575152525326279,"idStr":"3575152525326279","authorId":3575152525326279,"name":"Bll","avatar":"https://static.tigerbbs.com/b372fc92d67296f5ba36af78d1d6e935","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191247640,"type":1,"supId":0,"prevId":0,"content":"[龇牙]","text":"[龇牙]","html":"[龇牙]"}],"langContent":"EN"},{"id":191244784,"gmtCreate":1620884322648,"gmtModify":1704349890514,"author":{"id":"3554875446114741","authorId":"3554875446114741","name":"GabbieTeo","avatar":"https://static.tigerbbs.com/866f3a126be2fa4bacd2d1e9086f1b51","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3554875446114741","authorIdStr":"3554875446114741"},"htmlText":"Think the worst are cruise and airlines... they are back to pre covid market cap, but business revenue are no where near pre covid... but tech business revenue are growing rapidly...&nbsp;","listText":"Think the worst are cruise and airlines... they are back to pre covid market cap, but business revenue are no where near pre covid... but tech business revenue are growing rapidly...&nbsp;","text":"Think the worst are cruise and airlines... they are back to pre covid market cap, but business revenue are no where near pre covid... but tech business revenue are growing rapidly...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/191244784","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4311837,"gmtCreate":1620886794871,"gmtModify":1680788480317,"authorId":3579868315520587,"author":{"id":3579868315520587,"idStr":"3579868315520587","authorId":3579868315520587,"name":"andybian","avatar":"https://static.tigerbbs.com/4c74644b433cb4c92e518b5e3d2a2cf1","vip":1,"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191244784,"type":1,"supId":0,"prevId":0,"content":"yup. don't make sense to me too. Guess is huge funds manipulation.","text":"yup. don't make sense to me too. Guess is huge funds manipulation.","html":"yup. don't make sense to me too. Guess is huge funds manipulation."}],"langContent":"EN"},{"id":191244886,"gmtCreate":1620884276545,"gmtModify":1704349888252,"author":{"id":"3575141057639271","authorId":"3575141057639271","name":"Daveb","avatar":"https://static.tigerbbs.com/61df162e1597f1b5a6a6bfb13d7d92f5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3575141057639271","authorIdStr":"3575141057639271"},"htmlText":"Please fellow investors always note the extremely vague language and&nbsp;lack of named socalled analysts or sources. When you take a minute to study these sorts of articles you will find it very difficult to find anything factual or supported. Its all FUD... Do not listen to snd Certainly DO NOT react or sell even of you see a price drop... HOLD.. do NOT play their game.Retail investors must learn not to react to fear tactics or even falling prices... why?? Because there is a far greater chance that they will ALL rise again AND go higher.PATIENCE. &nbsp; HOLD. BE CALM","listText":"Please fellow investors always note the extremely vague language and&nbsp;lack of named socalled analysts or sources. When you take a minute to study these sorts of articles you will find it very difficult to find anything factual or supported. Its all FUD... Do not listen to snd Certainly DO NOT react or sell even of you see a price drop... HOLD.. do NOT play their game.Retail investors must learn not to react to fear tactics or even falling prices... why?? Because there is a far greater chance that they will ALL rise again AND go higher.PATIENCE. &nbsp; HOLD. BE CALM","text":"Please fellow investors always note the extremely vague language and lack of named socalled analysts or sources. When you take a minute to study these sorts of articles you will find it very difficult to find anything factual or supported. Its all FUD... Do not listen to snd Certainly DO NOT react or sell even of you see a price drop... HOLD.. do NOT play their game.Retail investors must learn not to react to fear tactics or even falling prices... why?? Because there is a far greater chance that they will ALL rise again AND go higher.PATIENCE. HOLD. BE CALM","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/191244886","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4369921,"gmtCreate":1621367063861,"gmtModify":1680789539679,"authorId":3575141057639271,"author":{"id":3575141057639271,"idStr":"3575141057639271","authorId":3575141057639271,"name":"Daveb","avatar":"https://static.tigerbbs.com/61df162e1597f1b5a6a6bfb13d7d92f5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191244886,"type":1,"supId":4312796,"prevId":0,"content":"?????✊???","text":"?????✊???","html":"?????✊???"},{"id":4369920,"gmtCreate":1621367052358,"gmtModify":1680789537846,"authorId":3575141057639271,"author":{"id":3575141057639271,"idStr":"3575141057639271","authorId":3575141057639271,"name":"Daveb","avatar":"https://static.tigerbbs.com/61df162e1597f1b5a6a6bfb13d7d92f5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191244886,"type":1,"supId":4313990,"prevId":0,"content":"Once everyone grasps that then there are no reasons to have a loss unless company eas very poor in the first place. Simply holding os the key that bests hedge funds ??✊?","text":"Once everyone grasps that then there are no reasons to have a loss unless company eas very poor in the first place. Simply holding os the key that bests hedge funds ??✊?","html":"Once everyone grasps that then there are no reasons to have a loss unless company eas very poor in the first place. Simply holding os the key that bests hedge funds ??✊?"},{"id":4315382,"gmtCreate":1620912460427,"gmtModify":1680788547481,"authorId":3575141057639271,"author":{"id":3575141057639271,"idStr":"3575141057639271","authorId":3575141057639271,"name":"Daveb","avatar":"https://static.tigerbbs.com/61df162e1597f1b5a6a6bfb13d7d92f5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191244886,"type":1,"supId":4313990,"prevId":0,"content":"????✊?","text":"????✊?","html":"????✊?"},{"id":4313990,"gmtCreate":1620904056528,"gmtModify":1680788528886,"authorId":3582764273979695,"author":{"id":3582764273979695,"idStr":"3582764273979695","authorId":3582764273979695,"name":"WCS1981","avatar":"https://static.tigerbbs.com/f98e28d5b1695429dd1657ecc78f93f5","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191244886,"type":1,"supId":0,"prevId":0,"content":"Agreed. once you sell, you lock in your losses.","text":"Agreed. once you sell, you lock in your losses.","html":"Agreed. once you sell, you lock in your losses."},{"id":4312796,"gmtCreate":1620894484155,"gmtModify":1680788499075,"authorId":3576213741857476,"author":{"id":3576213741857476,"idStr":"3576213741857476","authorId":3576213741857476,"name":"Pettan","avatar":"https://static.tigerbbs.com/eea8055165cc8ba5c3e2968ccdcd6400","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":191244886,"type":1,"supId":0,"prevId":0,"content":"In it together?","text":"In it together?","html":"In it together?"}],"langContent":"EN"},{"id":191256843,"gmtCreate":1620883243582,"gmtModify":1704349869774,"author":{"id":"3578915960499663","authorId":"3578915960499663","name":"MLSH7848","avatar":"https://static.tigerbbs.com/97d928f6988517408ed3b0c5f6a82e55","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":4,"crmLevelSwitch":1,"idStr":"3578915960499663","authorIdStr":"3578915960499663"},"htmlText":"Exactly. Right points.&nbsp;","listText":"Exactly. Right points.&nbsp;","text":"Exactly. Right points.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191256843","repostId":2135607645,"repostType":4,"repost":{"id":"2135607645","kind":"news","pubTimestamp":1620868554,"share":"https://ttm.financial/m/news/2135607645?lang=&edition=fundamental","pubTime":"2021-05-13 09:15","market":"us","language":"en","title":"Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2135607645","media":"Bloomberg","summary":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software m","content":"<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.</p><p>They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc. revert and drag everything back to average levels?</p><p>You almost don’t want to know the answer.</p><p>According to Leuthold Group, the S&amp;P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.</p><p>The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.</p><p>To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.</p><p>It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.</p><p>“With our cap-weighted S&amp;P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.</p><p>The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.</p><p>At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.</p><p>Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.</p><p>While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&amp;P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.</p><p>“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”</p><p>For years, <a href=\"https://laohu8.com/S/AONE\">one</a> pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.</p><p>Based on a methodology sometimes called the Fed model, the S&amp;P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&amp;P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.</p><p>Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.</p><p>“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Pondering Ugly Outcomes for Sky-High Tech Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Pondering Ugly Outcomes for Sky-High Tech Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-13 09:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","MSFT":"微软","UPRO":"三倍做多标普500ETF",".SPX":"S&P 500 Index","OEX":"标普100","SH":"标普500反向ETF","QNETCN":"纳斯达克中美互联网老虎指数","IVV":"标普500指数ETF","SSO":"两倍做多标普500ETF","SPXU":"三倍做空标普500ETF","OEF":"标普100指数ETF-iShares","GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A","09086":"华夏纳指-U","SDS":"两倍做空标普500ETF","03086":"华夏纳指"},"source_url":"https://finance.yahoo.com/news/wall-street-pondering-ugly-outcomes-202154112.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2135607645","content_text":"(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Tech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":110,"commentSize":44,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}