{"id":51739,"date":"2023-08-22T19:58:06","date_gmt":"2023-08-22T23:58:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/apple-only-big-tech-stock-really-hitting-the-sp-500-as-little-about-augusts-market-slump-appears-worrisome-says-datatrek\/"},"modified":"2023-08-22T19:58:08","modified_gmt":"2023-08-22T23:58:08","slug":"apple-only-big-tech-stock-really-hitting-the-sp-500-as-little-about-augusts-market-slump-appears-worrisome-says-datatrek","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51739","title":{"rendered":"Apple only Big Tech stock \u2018really hitting\u2019 the S&P 500 as \u2018little\u2019 about August\u2019s market slump appears worrisome, says DataTrek"},"content":{"rendered":"
\n

U.S. stocks have been rattled in August by a rise in real interest rates and bond-market volatility, yet \u201cvery little about this selloff strikes us as fundamentally worrisome,\u201d according to DataTrek Research.\u00a0<\/p>\n

Real yields, which are adjusted for inflation, of more than 2% on 10-year Treasurys are \u201cunheard of over the last decade,\u201d said Nicholas Colas, co-founder of DataTrek, in a note emailed Tuesday. \u201cWe are there now,\u201d he said. \u201cEventually these will settle out, and after that we expect stocks to find their footing and start moving higher again.\u201d<\/p>\n

\n

While volatility in the U.S. stock market has recently increased, it remains below its long-term average. And August\u2019s slump in equities is not entirely due to Big Tech stocks that had driven the market\u2019s rally earlier this year, according to DataTrek.\u00a0<\/p>\n

\u201cApple is the only Big Tech company really hitting\u201d the S&P 500, said Colas. \u201cApple\u2019s weakness aside, US Big Tech has been holding its own during this month\u2019s selloff.\u201d<\/p>\n

Shares of Apple Inc.
\n AAPL,
\n +0.79%<\/bg-quote>
\n have dropped around 10% so far in August, according to FactSet data, at last check. The giant company reported this month that revenue fell slightly in its latest quarter, while its management expects similar performance in the current period.<\/p>\n

See:<\/strong> Apple sees sales decline for third quarter in a row \u2014 and says performance could be similar this quarter<\/p>\n

The seven U.S. Big Tech stocks in the S&P 500 \u2014 Apple, Microsoft Corp.,
\n MSFT,
\n +0.18%<\/bg-quote>
\n Google parent Alphabet Inc
\n GOOGL,
\n +0.55%<\/bg-quote>.<\/span>
\n , Amazon.com Inc.
\n AMZN,
\n -0.32%<\/bg-quote>,<\/span>
\n Nvidia Corp., Facebook parent Meta Platforms Inc.
\n META,
\n -0.79%<\/bg-quote>
\n and Tesla Inc.
\n TSLA,
\n +0.83%<\/bg-quote>
\n \u2014 comprise 26.8% percent of the index, according to DataTrek. Excluding Apple, Big Tech makes up 17.8% of the S&P 500\u2019s decline this month, \u201cslightly less than their collective 19.8 percent index weighting,\u201d Colas said.\u00a0<\/p>\n

Nvidia
\n NVDA,
\n -2.77%<\/bg-quote>,<\/span>
\n the chip maker that this year has benefited from the excitement surrounding artificial intelligence, will report its second-quarter earnings after the market closes on Wednesday.<\/p>\n

Meanwhile, the CBOE Volatility Index, known as the stock market\u2019s fear gauge, has continued to run below its long run average of 19.6 since 1990 as well as levels seen earlier this year, according to DataTrek.\u00a0<\/p>\n

\u201cEven with the recent (modest) VIX spike, August is looking fairly quiet relative to January \u2013 May,\u201d said Colas, referring to the index\u2019s ticker. \u201cThat\u2019s predominantly \u2013 but not exclusively \u2013 good news.\u201d<\/p>\n

The CBOE Volatility Index, whose measure of expected volatility of the U.S. stock market is derived through options tied to the S&P 500, was trading around 17.4 around midday Tuesday, FactSet data show. That\u2019s below its levels seen during the first quarter.\u00a0<\/p>\n

\u201cOn the plus side, it says sector and stock price correlations to the overall market remain low,\u201d said Colas. \u201cThis is a sign that investors are still differentiating along fundamental lines rather than macro concerns.\u201d<\/p>\n

The U.S. economy is chugging along with \u201cstill decent\u201d corporate earnings, which are expected to improve on cost cutting in future quarters, according to DataTrek.<\/p>\n

But he cautioned that investors still face Federal Reserve Chair Powell\u2019s Jackson Hole speech on Aug. 25. Investors will be weighing his remarks against their macroeconomic concerns, including the trajectory of inflation and the recent move higher in Treasury yields.<\/p>\n

Bond-market volatility, as measured by the MOVE index, has been running at elevated levels, whereas the CBOE Volatility Index is signaling \u201cstocks are \u2018OK\u2019,\u201d said Colas.\u00a0<\/p>\n

Meanwhile, the S&P 500,
\n SPX
\n which gauges the performance of large-cap stocks in the U.S., remains up more than 14% so far this year, based on Tuesday trading levels around midday. That includes a decline this month of more than 4%.<\/p>\n

\u201cThe overall trend in U.S. large cap volatility is still lower, even with this month\u2019s selloff,\u201d said Colas. \u201cWe won\u2019t count all our chickens until August is over, but this is good news so far.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. stocks have been rattled in August by a rise in real interest rates and bond-market volatility, yet \u201cvery little about this selloff strikes us as fundamentally worrisome,\u201d according to DataTrek Research.\u00a0 Real yields, which are adjusted for inflation, of more than 2% on 10-year Treasurys are \u201cunheard of over the last decade,\u201d said Nicholas […]<\/p>\n","protected":false},"author":1,"featured_media":51740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-51739","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nApple only Big Tech stock \u2018really hitting\u2019 the S&P 500 as \u2018little\u2019 about August\u2019s market slump appears worrisome, says DataTrek | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. 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