{"id":9906,"date":"2023-05-17T09:11:48","date_gmt":"2023-05-17T13:11:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/more-sideways-trading-but-tech-percolating\/"},"modified":"2023-05-17T09:11:49","modified_gmt":"2023-05-17T13:11:49","slug":"more-sideways-trading-but-tech-percolating","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9906","title":{"rendered":"More Sideways Trading But Tech Percolating"},"content":{"rendered":"<div>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Broad Market Rangebound But Individual Tech Names Moving<\/li>\n<li>Gloomy Forecasts From Home Depot, Target and TJ Maxx<\/li>\n<li>Market Seems Unfazed By Debt Ceiling<\/li>\n<\/ul>\n<p>Stocks have continued to trade sideways this week in a very narrow range. The S&amp;P 500 was down 0.6% Tuesday and the Nasdaq Composite shed 0.2%. However, we are beginning to see some strength in bigger name tech stocks and that could be something worth watching.<\/p>\n<p>Since hitting a low of just over $92 back in March, shares of Amazon<fbs-ticker data-name=\"AMZN\" data-href=\"https:\/\/www.forbes.com\/companies\/amazon\" data-type=\"stock\"><br \/>\n  AMZN<br \/>\n <\/fbs-ticker> have rallied well over 20%. We\u2019ve seen a similar rally in Apple<fbs-ticker data-name=\"AAPL\" data-href=\"https:\/\/www.forbes.com\/companies\/apple\" data-type=\"stock\"><br \/>\n  AAPL<br \/>\n <\/fbs-ticker>, which is also up over 20%. Shares of Meta are up over 35%. Google<fbs-ticker data-name=\"GOOG\" data-href=\"https:\/\/www.forbes.com\/companies\/google\" data-type=\"stock\"><br \/>\n  GOOG<br \/>\n <\/fbs-ticker> parent company, Alphabet, is also up over 30% while Microsoft<fbs-ticker data-name=\"MSFT\" data-href=\"https:\/\/www.forbes.com\/companies\/microsoft\" data-type=\"stock\"><br \/>\n  MSFT<br \/>\n <\/fbs-ticker> is up over 25%. Although the broad indices have largely been rangebound, with the S&amp;P 500 staying between 3800 and 4200, the strength in these names may be indicative of investors gaining confidence. In fact, at tastytrade, our customers have recently been taking on long positions in many of the aforementioned stocks but sticking with bearish strategies for broader index ETF products such as QQQ<fbs-ticker data-name=\"QQQ\" data-href=\"https:\/\/www.forbes.com\/investment-funds\/qqq\/\" data-type=\"etf\"><br \/>\n  QQQ<br \/>\n <\/fbs-ticker>.<\/p>\n<p>While tech stocks appear to be percolating a bit, we are seeing some continued weakness in retail spending. On Tuesday, the latest report on Retail Sales showed consumers are pulling back a bit on spending, especially for big ticket items. That message was reinforced by Home Depot, who disappointed markets with weaker than expected numbers and a revised, weakened forecast for the year. Target<fbs-ticker data-name=\"TGT\" data-href=\"https:\/\/www.forbes.com\/companies\/target\" data-type=\"stock\"><br \/>\n  TGT<br \/>\n <\/fbs-ticker> and TJ Maxx are out this morning with their earnings. Although Target beat on estimates, much like Home Depot, they missed on same store sales expectations and management issued a gloomy forecast. In premarket, shares of Target have traded in a wide range but as of this writing, are unchanged. TJ Maxx missed on estimates and they too provided a disappointing outlook; however, shares appear unchanged in premarket.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>Another interesting development I\u2019m watching is Tesla<fbs-ticker data-name=\"TSLA\" data-href=\"https:\/\/www.forbes.com\/companies\/tesla\" data-type=\"stock\"><br \/>\n  TSLA<br \/>\n <\/fbs-ticker>. The electric vehicle company has been very aggressive lately with price cuts as they attempt to be seen less as a luxury car manufacturer and court a wider audience of drivers. In a recent interview, Elon Musk discussed this branding pivot that now includes a greater emphasis on advertising. Perhaps Elon has taken some learnings from recent experiences with Twitter, the value of advertising, and begun incorporating that with Tesla.<\/p>\n<p>Finally, as talks continue to swirl around the debt ceiling, markets appear relatively unconcerned. The VIX heads into Wednesday below 18 and really hasn\u2019t shown any signs of investor fear recently. Although the issue remains a major story, strictly looking at VIX, the market seems confident politicians will resolve the situation. While things could quickly change, for now at least, it looks like we\u2019ve sidestepped an unnecessary migraine. As always, I would stick with your long term investing plans and long term objectives.<\/p>\n<p><em>tastytrade, Inc. commentary for educational purposes only. This content is not, nor is intended to be, trading or investment advice or a recommendation that any investment product or strategy is suitable for any person.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/jjkinahan\/2023\/05\/17\/more-sideways-trading-but-tech-percolating\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Broad Market Rangebound But Individual Tech Names Moving Gloomy Forecasts From Home Depot, Target and TJ Maxx Market Seems Unfazed By Debt Ceiling Stocks have continued to trade sideways this week in a very narrow range. The S&amp;P 500 was down 0.6% Tuesday and the Nasdaq Composite shed 0.2%. However, we are beginning [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-9906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>More Sideways Trading But Tech Percolating | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Key Takeaways Broad Market Rangebound But Individual Tech Names Moving Gloomy Forecasts From Home Depot, Target and TJ Maxx Market Seems Unfazed By Debt\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=9906\" \/>\n<meta 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