Wall Street tech bulls are counting on the industry’s megacap stocks to move higher before long and jump start a rebound in the S&P 500.
WALL Street tech bulls are counting on the industry’s megacap stocks to move higher before long and jump start a rebound in the S&P 500.
The S&P 500 lost 6.7 percent between the beginning of December and Thursday, with two stocks—Apple Inc. and Tesla Inc.—responsible for a third of the decline, showcasing just how strong of a grip tech megacaps have on the broader market. The upcoming earnings season may turn the sentiment around, but so far it looks bleak. Companies in the S&P 500 are expected to post a 2.7-percent profit decline in the fourth quarter, data compiled by Bloomberg Intelligence show. Excluding the five-biggest S&P 500 constituents the figure stands at just -0.9 percent.
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