Newsletter
Growth vs Value Hit An Extreme As AI Spending Broke Big Tech
In last week's Bull Bear Report, I warned that a "Meta-style reaction" to this week's mega-cap earnings could push the S&P 500 below its 100-day average and back toward the September lows. Alphabet delivered that reaction on Thursday. Intel finished the job on Friday. The S&P 500 fell 1.8% on Friday to close at 7,580, its lowest close since September 16, and ended the week down 0.6%. On Friday alone, the Nasdaq Composite dropped 2.9%, and the Dow lost 1.1%.