A Bad Weekend for Some Major Names
The market is only as strong as its biggest companies, so when those companies don’t live to expectations, the market suffers.
Unfortunately that was the case this past weekend.
Two of the biggest names in tech, Microsoft and Alphabet (Google), had disappointing quarterly reports this past weekend, and because of that, the tech side of the stock market took a dive.
Just how bad were these numbers? Bad enough to affect the stock of an entire industry.
Microsoft was down 7.17 percent, and Alphabet dropped 5.41 percent (its worst day since 2012).
And the hits just kept coming.
Facebook was down 2.5 percent, Intel fell 1.03 percent, Starbucks dropped 4.88 percent and Visa lost 2.08 percent.
But while the tech side may be down, oil is continuing its rise.
“What’s driving the market right now is earnings and oil,” said Thomas Wilson, Managing Director of Wealth Advisory at Brinker Capital.
“If earnings results come in above the very low bar of expectations that are out there, and you combine that with a continued rising price of oil, that should equate to an upward trend in the market next week.”
When the big names like Apple and Google make news, they also make money. But how can you make money off of companies when their stock is up to $800 a share? Find out the answer to that question (plus more trading secrets) by signing up for a FREE webinar today!