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Why the Tech Sector Is Like a Modern Day Gold Rush

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Why the Tech Sector Is Like a Modern Day Gold Rush: Start a free trial of The Sevens Report.

What’s in Today’s Report:

  • Why the Tech Sector Is Like a Modern Day Gold Rush
  • Chart: Rising Market-Based Inflation Expectations Bolster Gold Prices

U.S. futures are modestly lower this morning as Chinese economic concerns are offsetting a cool EU inflation print.

A sizeable new wave of Chinese stimulus actions failed to soothe investor worries about the economy overnight, underwhelming investors as China’s Service PMI unexpectedly fell to 52.5 vs. (E) 52.9 in February.

In Europe, financial news flow was better as the EU Composite PMI rose to 49.2 vs. (E) 48.9 while PPI fell a steep -0.9% vs. (E) -0.1% helping to ease some recent worries about a resurgence in price pressures.

Looking into today’s session there are three domestic economic reports to watch: Composite PMI (E: 51.4), Factory Orders (E: -3.0%), and the ISM Services Index (E: 53.0). The ISM print will be the most important as investors will be looking for continued strength in consumer spending but steady or easing price indices to underscore disinflation has not stalled/reversed.

There are no Fed officials scheduled to speak today and with Powell’s testimony looming tomorrow a slow churn in markets or modest continuation lower could play out today as short term traders book profits from the most recent run to record highs.

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Earnings are not providing the proverbial ‘ray of sunshine’

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Earnings are not providing the proverbial ‘ray of sunshine’: Tom Essaye Quoted in Forbes

S&P 500 Dips To 5-Month Low As Earnings Season Highlights Struggles Of ‘Magnificent 7’ Tech Stocks To Keep Rally Afloat

Major stock indexes slipped to their lowest levels since May this week. This is as the largest technology companies struggle to hold up the broader market’s gains. An issue on full display amidst the ongoing third-quarter earnings season.

“Earnings are not providing the proverbial ‘ray of sunshine’ they did in Q1 or Q2,” Sevens Report analyst Tom Essaye wrote to clients Thursday. This earnings season “has not been good” and “hints at a potentially slowing economy,” Essaye noted.

Also, click here to view the full Forbes article published on October 26th, 2023. However, to see the Sevens Report’s full comments on the current market environment sign up here.

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Tom Essaye Quoted in News Nation USA on October 8, 2021

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Big Tech’s Stocks Have Bounced Back. But They’re Not Out of The Woods Yet.

If tech is facing headwinds, then the S&P 500 itself will have a hard time rallying since…wrote Tom Essaye of Sevens Report in a note last week. Click here to read the full article.

 

Tom Essaye Quoted in Barron’s on September 29, 2021

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Why Higher Bond Yields Are Bad News for Tech Stocks Like Amazon and Zoom

Bottom line, the stock market is being driven by the bond market this week and if we see…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.

Tom Essaye Quoted in Barron’s on May 20, 2021

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The Dow Rose 188 Points Because Tech Stocks Are Buys When Rates Fall

Going forward, investors should monitor the 10-year Treasury yield to see if it goes above 1.74%, wrote Tom Essaye, founder of Sevens Report Research in a note. That’s the bond’s recent closing high, “and if the 10-year yield breaks those levels we can…” Essaye wrote. Click here to read the full article.

Tom Essaye Quoted in SwissInfo.ch on July 22, 2019

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Tech Shares Lead Gains Before Earnings; Oil Rises: Markets Wrap

“We will start to get results from some of the big multi-national industrials and tech firms, which should shed more light on the effects of…” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote in a note to clients. Click here to read the full article.

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Tom Essaye Interviewed with Yahoo Finance on July 23, 2019

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Yahoo Finance’s Brian Sozzi and Alexis Christoforous sat down with Tom Essaye from the Sevens Report and First National Bank of Omaha’s Kurt Spieler around Tuesday’s opening bell. The panel discusses big tech & regulation, what to look for in emerging markets, the effect of elections on the market, and more. Click here to watch the full interview.

Yahoo Finance Interview Clip

Tom Essaye Quoted in Barron’s on May 20, 2019

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Tom Essaye quoted in Barron’s on May 20, 2019. “Several U.S. tech firms have stopped conducting business with Huawei, per the…” Click here to read the full article.

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