Despite all the headlines about Greece and such, the market is up!
After being down early,The Dow is up 46 points (about 0.4%). Lagging that is the tech-heavy NASDAQ, which is just barely in the green.
And lagging the NASDAQ are two of the big, marquee names of the Index.
Apple is off another 2.05%.
Google is down 0.65%.
Netflix is off about 1%.
This has been a pretty big story all year. The biggest big-cap losers of the year have overwhelmingly been tech companies.
On a forward basis, compared to the rest of the market, big tech stocks have never been cheaper.
Photo: Morgan Stanley
So either: Investors are nuts, or investors just aren’t buying the earnings sustainability of this sector, and given the big-time disruption facing both Apple and Google, that’s not a ridiculous stance for investors to take.
Meanwhile, the other big loser of the year is banks, and there again we’re seeing weakness.
Both JPM and WFC are down modestly. Bank of America is down about 0.4% on news that it may dump a stake in a Chinese bank.
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