Break Down: What Does The Recent Selling Of The Magnificent 7 Mean For Markets? And Where Might New Opportunities Arise?
Portfolio Pulse from Andrew Moss
The market remains anxious due to factors such as war, inflation, recession, and interest rates. The earnings from some of the Magnificent 7 (M7) - Alphabet Inc., Meta Platforms, Inc., Microsoft Corporation, Amazon.Com, Inc., Apple Inc., NVIDIA Corporation, and Tesla Inc. - have had a significant impact on the market. The reports show slower earnings growth and tepid guidance. All M7 stocks are down, with Amazon showing a slight increase after its recent report. The market is starting to break down, creating potential opportunities.
October 27, 2023 | 3:04 pm
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NEGATIVE IMPACT
Apple Inc. is down by 16% off its high, below all the key moving averages.
The stock is down due to slower earnings growth and tepid guidance, which is likely to negatively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Amazon.Com, Inc. is down by 18% but it's up in after-hours trading.
The stock is down due to slower earnings growth and tepid guidance, but it's up in after-hours trading which may slightly mitigate the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Alphabet Inc. is down by 14% and into a support/resistance area that dates back to June '21.
The stock is down due to slower earnings growth and tepid guidance, which is likely to negatively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Meta Platforms, Inc. is down by 15% since its high on Oct. 12.
The stock is down due to slower earnings growth and tepid guidance, which is likely to negatively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Microsoft Corporation is down by 10% from its highs when it briefly popped over the previous highs made in Nov. '21.
The stock is down due to slower earnings growth and tepid guidance, which is likely to negatively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
NVIDIA Corporation is down by 20% and broke the psychologically important round number, $400 before coming back to close just barely above the $403.11 pivot.
The stock is down due to slower earnings growth and tepid guidance, which is likely to negatively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Tesla Inc. is down more than 30% from the highs.
The stock is down due to slower earnings growth and tepid guidance, which is likely to negatively impact its short-term price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100