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Tech Stocks have a Sell Everything after this routine

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News Tech: When tech stocks last experienced a sweeping sell-off on Tuesday, the Nasdaq 100 Index was just a week away from staging a monster rally thanks to an unprecedented Federal Reserve stimulus. But the panicked bulls have not got the Fed on their side this time. All Nasdaq 100 stocks closed lower on Tuesday after consumer prices were surprisingly strong. Shares are up Wednesday, but the outlook remains bleak due to ongoing stock outflows. Rising rumors about the possibility of his huge 1pp rate hike next week by the Fed don’t help either.

Stocks showed modest stabilization on Wednesday while the Nasdaq 100 rose 0.1%. Still, tech stocks seem immune to small pieces of good news. Take Apple Inc., the world’s largest company by market capitalization. The company cut its capital by $154 billion on Tuesday, a day after analysts said the new iPhone 14 Pro Max was the best-selling model. It is very symbolic that business seems to be going as normal despite the rising cost of living. Yet investors continued to sell his shares.

“It’s a terrible environment for technology,” said Mariya Beitmane, senior multi-asset strategist at State Street Global Markets. He added that it could weaken. Her 5.5% drop in the Nasdaq 100 on Tuesday was her biggest since March 16, 2020, in the dark early days of the Covid-19 pandemic. Until the vaccine came along, the markets and economies were booming with fiscal and monetary stimulus, but this time those tools are out of the question. Instead, central banks are focused on keeping ferocious inflation in check, even at the expense of economic growth and jobs.

“Relatively resilient earnings are still not enough to withstand macroeconomic headwinds from increasingly aggressive central banks,” Feitman said. However, there are elements that keep the bulls hopeful. The Nasdaq 100 is just above its support level, with valuations down to 20.7 times its expected earnings, nearing the recent low set in mid-June. Written support may not be sufficient for turnarounds. “Tuesday’s sharp sell-off may require clear evidence that inflation is trending downward for a sustained rally,” said Mark Häfele, chief investment officer for Global Wealth Management at UBS AG.

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