华尔街财经阅读 - 科技股 2022.01.23
Welcometo Wall Street Business Read, bring you the biggest stock market news aroundthe world, I am Ted Zhang, it is January 23rd, enjoy the show!Today.We are going to talk about Marker Sell-Out and Tech Correction.Stockscapped their worst week in nearly two years with another round of intensechoppy trading on Friday, sending the S&P 500 tumbling below its 200-daymoving average, a level of support that had held up since May 2020. Both theS&P and Dow closed out their third straight week of losses, down 5.7% and4.6% respectively, while the Nasdaq Composite plunged 2.7% Friday and 7.6% forthe week, its worst weekly decline since March 2020. Netflix was the firstmajor tech stock to report fourth quarter earnings, and shares plunged 22%Friday after the streaming giant posted slower subscriber growth and guided forlower than expected revenues in the current quarter. Other Nasdaq companiessuch as Amazon, Meta Platforms and Tesla fell more than 4%, with Apple and Teslaon deck to report earnings next week. The major losses in growth names havepushed the Nasdaq further in correction territory, down more than 14% since itsNovember high, as rising interest rates pressure technology stocks by makingtheir lofty valuations look less attractive.Technologystocks officially entered correction territory after Wednesday's late WallStreet selloff. The tech and growth focused Nasdaq 100 fellmore than 1% during the session, bringing the decline from its high to 10.2%.The S&P Info Tech sector is also down 10% from its high,with key component Apple falling below its 50-day moving averagefor the first time since October. By comparison, the S&P 500 is down 6%, despite some recent weakness in cyclical sectors.Themarket's reliance on tech stocks and other mega-caps for broader gains hasbrought comparisons to the 2000 Dot-com Bubble. If these high-valuation stocksbuckle, lower-weighted sectors will have a very tough time picking up theslack. Morgan Stanley says there's also concern about stocks under the surface,comparing the valuation of the median S&P 500 stock today to that of theTech Bubble.ButARK Invest's Cathie Wood, whose active funds have been hit hard by this selloffin higher-multiple names, says the bubble lies in value stocks. "In ourview, the wall of worry built on the back of high multiple stocks bodes wellfor equities in the innovation space," Wood declared in ARK's Q4 report."The strongest bull markets do climb a wall of worry, a fact that thosemaking comparisons to the tech and telecom bubble seem to forget. No wall ofworry existed or tested the equity market in 1999. This time around, the wallof worry has scaled to enormous heights."Oneof the biggest factors putting selling pressure on tech stocks is the rapidrise in real yields seen since the start of the year. The real 10-year Treasuryyield as measured by theinflation-protected securities now sits at -0.64%, 40 basis points higher fromwhere it closed out 2021. The correlation between Nasdaq 100 performance andthe change in the 10-year real yield is -0.5, "about as low as it's gottenin this post-COVID recession period," noted Mike Wilson, chief equitystrategist at Morgan Stanley. "In other words, changes in yields arecurrently a significant explainer of Nasdaq 100 returns."
