However, Bloomberg's intelligence indicates that profits for the S&P 500's largest "grown companies" including Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla are projected to rise by 50%. Despite this, Scott Colyer, CEO at Advisors Asset Management, predicts more difficulties for some larger growth stocks. Meanwhile, Walmart's shares reached their highest point since going public 51 years ago, partly due to confidence in its holiday performance.
Key takeaways:
- Recent earnings reports from big tech companies like Apple, Meta, Tesla, and Alphabet have reportedly caused concern among Wall Street investors.
- The seven largest tech stocks are down an average of about 9% from 52-week highs, with Apple’s market value declining by more than $300 billion.
- Despite these concerns, Bloomberg's intelligence shows profits for the S&P 500’s largest “grown companies” are on track to climb 50%.
- Apple's holiday sales forecast fell below Wall Street estimates due to reduced demand for iPads and wearables, sparking concerns about overall holiday demand.