Market-leading growth stocks have suffered this year as Investors fear the impact of higher interest rates on their future earnings, while lockdowns in China and the reversal of major central banks have cast a shadow over what has been a better-than-expected earnings season so far.
Growth-oriented sectors such as technology, communication services and consumer discretionary fell more than 2%, leading losses among the 11 major S&P 500 sectors. Alphabet (Google) and Microsoft fell 3.1% and 2.8%, respectively
Although there were some bright spots in earnings, the overall market mood was gloomy due to global growth fears, stoked by China’s Covid-19 lockdowns, the Ukraine war and aggressive policy tightening. Fed currency.
Twitter fell 3.7%, a day after the social network agreed to sell it to Tesla Inc boss Elon Musk. The automaker, meanwhile, lost 11%.
Of the 134 S&P 500 companies that have reported results to date, 80.6% beat analysts’ earnings expectations, according to Refinitiv data. In a typical quarter, 66% exceed estimates.
Source: Ambito
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