Analysis-Tech wreck shows US megacaps not immune to corrosive Fed tightening

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Analysis-Tech wreck shows US megacaps not immune to corrosive Fed tightening





Disappointing earnings from the megacap companies that led markets higher for years are cratering their shares and sending a disconcerting message about a U.S. economy that until recently had appeared to be weathering a barrage of interest rate hikes.

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Amazon was the latest corporate giant to deliver bad news, saying on Thursday that costs might eviscerate profits in the current quarter. Its shares fell 17 per cent in extended trading, wiping $190 billion from its market capitalization.

Amazon's report was the latest worrying announcement from the big tech-focused companies that command outsized weightings in stock indexes and are nearly ubiquitous in investor portfolios.

"From a markets perspective, you have to be cautious going forward," said Michael O'Rourke, chief market strategist at JonesTrading. "They're the biggest stocks in the market, and we really haven't had much of anything good come out of any of them."

Facebook parent Meta Platforms' shares were pummeled Thursday after its costly metaverse bets disappointed investors. Earlier in the week, Google-parent Alphabet missed Wall Street's target for revenue growth in the third quarter as ad sales remained weak, while inflation and a strong dollar led Microsoft to report its slowest topline growth in five years.