CNBC’s Jim Cramer looked at what caused Wednesday’s brutal decline, reviewing why investors may have been disappointed with earnings from Alphabet…
CNBC's Jim Cramer looked at what might have caused Wednesday's Big Tech declines, reviewing why investors may have been disappointed with earnings from Alphabet and Tesla.
"Wall Street, it looks like it's had it with the mega caps, doesn't it? We don't want to hear about the 'Magnificent Seven' anymore," he said."Everyone thinks these stocks have gone to unsustainable levels, so that they want to lock in gains and pivot to groups that have room to play catch-up, like the small caps.
Tesla's earnings missed Wall Street's expectations and like last quarter, automotive sales declined. But Cramer said CEO Elon Musk"told a great story of self-driving technology, sorely needed energy production, not to mention humanoid robots." Cramer suggested both Alphabet and Tesla might not have declined if the market wasn't in the midst of a broader rotation out of tech.
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