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The stock market’s favourite tech juggernauts are headed for a rude awakening – here’s what traders should buy instead
All good things must come to an end.
It’s an age-old proverb – and one Morgan Stanley says applies to the tech sector.
This is an alarming prognostication when you consider that tech stocks have been indispensable in pushing indexes to record highs. But Morgan Stanley is adamant that tech is due for a reckoning, and it boils down to two major reasons.
Amazon has quietly built a $US10 billion platform selling goods to businesses
Founded in 2015, Amazon Business functions just like regular Amazon but is specialised to suit the needs of businesses, offering things like separate VAT pricing and receipts.
It’s the first time Amazon has published global numbers for Amazon Business. The company says it has millions of customers for the service and hundreds of thousands of vendors on the marketplace.
JPMorgan Chase may start rewarding you to become a better credit.
The consumer banking behemoth is considering ways it can reward people for improving their credit scores, according to CEO Jamie Dimon, who shared the initial plans in a late July interview with Business Insider. The firm would provide incentives for lifting the score to a certain threshold, like reducing loan costs or giving other rewards, Dimon said.
“We might gamify it, but also give you real rewards,” Dimon said. “If you get to 700, 750, we’ll cut your mortgage costs a little bit. If you get to this, we’ll give you actual rewards like you do in credit cards today.”
BofA’s virtual assistant Erica surpasses three million users
Bank of America’s virtual assistant Erica officially surpassed 3 million total users late last week. Erica, which launched in May, is housed in the BofA app, and allows users to view and pay bills, transfer money between accounts, access card controls, send funds through Zelle, and more, using voice, onscreen prompts, or texting.
The assistant’s quick success points to user favorability for voice assistant functionality in banking.
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