Worried About Tech
What’s in Today’s Report:
- Why the Turkish Crisis Isn’t Over
- Focus on the Tech Sector (It’s Trading Heavy Again)
Futures are slightly lower thanks to a renewed decline in the Turkish lira and disappointing tech earnings.
The lira decline resumed overnight as the currency fell 5% after Thursday’s press conference failed to reveal any meaningful reforms.
On the earnings front, both AMAT and NVDA posted solid results but underwhelming guidance, and that’s weighing on tech broadly.
Today we do have two economic reports, Consumer Sentiment (E: 97.9) and Leading Indicators (E: 0.4%), but focus will remain on 1) the tech sector and 2) the dollar. If tech can stay stable despite recent soft earnings, and the dollar doesn’t rally, then stocks can generally hold yesterday’s gains.
