current position：Home>Just a happy day! U.S. stock technology giants fell across the board, and they still can't escape the tightening storm of the federal reserve after all?
Just a happy day! U.S. stock technology giants fell across the board, and they still can't escape the tightening storm of the federal reserve after all?
2022-02-02 20:51:51 【TechWeb】
There is an old saying in China ：“ It's a blessing, not a curse , It's a disaster that can't be avoided ”, For those investors who hold U.S. technology giants such as apple this week , I believe I have a deep understanding of this sentence —— Despite strong performance on the Fed's interest rate day , But as investors reassessed the long-term impact of the Fed's hawkish monetary policy on corporate balance sheets on Thursday , U.S. technology and Internet stocks fell sharply overnight .
After the Federal Reserve released its monetary policy statement on Wednesday , It initially caused a positive response from technology stocks , Investors are buying Apple 、 Stocks of star companies such as Microsoft and NVIDIA . But these stocks ended up under pressure on Thursday , Erased most or all of the gains .
among , Apple's share price fell on Thursday 3.9%, Its market value further increased from 3 The trillion dollar mark falls ahead . It is worth mentioning that , This is the company from 3 The worst day since January .
meanwhile , NVIDIA was even more frustrated that day 6.8%. Microsoft and Amazon also fell by 2.9% and 2.6%.
In addition to these star technology giants , Technology stocks in other sectors also generally fell . Philadelphia Stock Exchange Semiconductor Index (Philadelphia Stock Exchange Semiconductor Index) fall 4.3%, set up 5 The biggest one-day decline since January , Tracking software and interactive media stocks iShares Expanded Tech-Software Sector ETF down 3.1%.
NASDAQ dominated by technology stocks 100 The index fell on Thursday 2.6%, The decline exceeded the benchmark stock index . by comparison , The Dow Jones Industrial Average fell only slightly that day 0.08%, The s&p 500 The index is also falling 1% within , As the decline of technology stocks was offset by the strong performance of cyclical industries .
Miller Tabak + Co. Chief market strategist Matt Maley Express , On the day of the Fed's interest rate decision , The stock market immediately rose , But this seems to be more boosted by short covering , Not based on the judgment of the Fed statement and chairman Powell's remarks .
He pointed out that ,“ When the stock market rose on Wednesday , The bond market lacks volatility . This has raised concerns , That is, yesterday's rise was just a short squeeze , And that doesn't mean 2022 It will be a good year for the stock market ”.
Past historical experience shows that , High growth stocks tend to underperform when interest rates rise .Bright Trading LLC Our traders Dennis Dick Express ,“ You see money flowing out of growth stocks , It should be . If we enter the environment of raising interest rates , The attractiveness of growth stocks will be reduced . As we enter 2022 year , There's a lot of uncertainty …… The Fed will be more hawkish .”
Mizuho Securities (Mizuho Securities) The managing director Jordan Klein Also pointed out , It is too early to judge whether the Fed will give the green light for the continued rise of growth stocks . He said , Hedge funds and long investors “ We will continue to wait and see in the next few days ”, And added that ,“ Many people prefer to rise in growth stocks and software stocks 5-10% Time chasing height , I believe they will continue to rise , They are often unwilling to copy the bottom when the stock price goes down or goes down .”
There are differences within technology stocks ？
Of course , Despite Thursday's weak performance , But big tech stocks are still 2021 One of the best performing market areas in . since this year on , Apple's share price has risen nearly 30%, Microsoft rose 46%, NVIDIA has more than doubled .
But there may already be divisions within the technology industry .
“ Technology stocks are undergoing a transformation . It is becoming a market that requires people to be more selective ,” Wade Bush securities in New York (Wedbush Securities) Senior analyst Daniel Ives In the said ,“ Because the Fed is raising interest rates , Bet ‘ small office , home office ’ The deal has become the past tense .”
Ives expect , Many social media and e-commerce companies that benefited from Americans working remotely during the epidemic will face challenges next year , Because unemployment is falling , More employees get vaccinated and return to work , This gives the fed the ability to raise borrowing costs to curb inflation .
But he also expected , Although higher interest rates may make companies with higher valuations unattractive in the short term , But software 、 Chipmakers and cyber security companies have strong profit growth potential , It is still expected to 2022 Continue to push the technology industry higher .“ Although investors continue to worry about valuations , But earnings growth in these areas is still two to three times the normal level of the technology industry , This will help drive software 、 Chipmakers and cyber security stocks rose .”
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