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Tech slides while energy and banks gain as earnings loom
The week saw S&P 500 and Nasdaq pressure from broad weakness in tech, even as financial stocks rose on strong bank earnings and housing starts jumped.
A tech-driven selloff weighed on the S&P 500 and Nasdaq this week, with technology stocks broadly lower as investors showed impatience with, or fatigue toward, the artificial intelligence trade, according to MarketBeat Ratings. The pullback left many parts of the technology complex under pressure, including chipmakers, neocloud providers, and hyperscalers. Energy stocks moved higher instead as the conflict in the Strait of Hormuz intensified, while financial stocks gained after banks reported strong earnings. Netflix Inc. delivered a mixed earnings report that left investors less interested in the stock, contrasting with the support seen in other parts of the market. The disappointing week also came despite economic data that pointed to slower inflation growth, a surprise increase in housing starts, and elevated consumer confidence. Looking ahead, MarketBeat Ratings said a new wave of earnings is expected next week, including Alphabet, which it framed as a key read-through for the state of AI infrastructure spending. The outlet also highlighted its recent coverage on companies including Micron, Fastenal, Johnson & Johnson, SanDisk, and Broadcom.
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