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Apple and other big tech stocks are tumbling. Why the Dow is rising
Apple and other big tech stocks are tumbling. Why the Dow is rising
$Apple(AAPL.US)$ stock is falling, as are the rest of the Big Tech gang. The Dow Jones Industrial Average, however, is rising because rising bond yields indicate that investors are feeling more confident about the economic recovery.
Apple and the $NASDAQ 100 Index(.NDX.US)$ are falling 1.4% and 1.1%, respectively. That index contains 100 of the largest capitalization stocks on the Nasdaq composite, including $Microsoft(MSFT.US)$ -- down 1.3% -- $Amazon(AMZN.US)$ -- down 2.1% -- and $Facebook(FB.US)$ -- off 0.7%.
There seem to be two main drivers of the decline in these stocks. First off, long-dated bond yields are rising, with the 10-year Treasury yield hitting as high as 1.5%. Its low last week was 1.31% before it began surging. Higher bond yields make future profits less valuable -- and investors expect supercharged profit growth for many years ahead from most big tech stocks. "As rates have gone up, people have sold growth," says JJ Kinhan, chief market strategist at TD Ameritrade.
Secondly, the higher yields are coming at a moment when these stocks have already enjoyed a strong run. The Nasdaq-100 is up almost 11% since June 30r, crushing the Dow's gain of 1.5% in that time span. "Peoples' first instinct is to take some profits on growth, which has had a good run in the past few months," Kinahan said.
Meanwhile, the value-oriented Dow is moving higher, up 241 points, or 0.7%. The index is heavily comprised of value companies, the earnings of which are largely more sensitive to changes in economic demand. With bond yields up -- and the possibility of a 2022 Federal Reserve interest rate hike won't damage economic growth -- value names are enjoying a run.$Boeing Co(BA.US)$ stock has gained 3%, while $Caterpillar(CAT.US)$ has risen 2.5%.
If anything, the Fed's higher interest rate projections indicate to markets a high degree of confidence in the economy -- for now. And ultimately, that's bad news for the stocks that don't need a solid economy to grow their businesses.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
(END) Dow Jones Newswires
September 27, 2021 10:54 ET (14:54 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
$Apple(AAPL.US)$ stock is falling, as are the rest of the Big Tech gang. The Dow Jones Industrial Average, however, is rising because rising bond yields indicate that investors are feeling more confident about the economic recovery.
$苹果(AAPL.US)$股价正在下跌,其他科技巨头也是如此。然而,道琼斯工业股票平均价格指数(Dow Jones Industrial Average)正在上涨,因为不断上升的债券收益率表明,投资者对经济复苏更有信心。
Apple and the $NASDAQ 100 Index(.NDX.US)$ are falling 1.4% and 1.1%, respectively. That index contains 100 of the largest capitalization stocks on the Nasdaq composite, including $Microsoft(MSFT.US)$ -- down 1.3% -- $Amazon(AMZN.US)$ -- down 2.1% -- and $Facebook(FB.US)$ -- off 0.7%.
苹果和$纳斯达克100指数(.NDX.US)$分别下跌1.4%和1.1%。该指数包含纳斯达克综合指数中100只市值最大的股票,包括$微软(MSFT.US)$--下跌1.3%--$亚马逊(AMZN.US)$--下跌2.1%--以及$Facebook(FB.US)$-下跌0.7%。
There seem to be two main drivers of the decline in these stocks. First off, long-dated bond yields are rising, with the 10-year Treasury yield hitting as high as 1.5%. Its low last week was 1.31% before it began surging. Higher bond yields make future profits less valuable -- and investors expect supercharged profit growth for many years ahead from most big tech stocks. "As rates have gone up, people have sold growth," says JJ Kinhan, chief market strategist at TD Ameritrade.
这些股票的下跌似乎有两个主要驱动因素。首先,长期公债收益率正在上升,10年期美债收益率最高触及1.5%。上周低点为1.31%在它开始涌动之前。较高的债券收益率降低了未来利润的价值,投资者预计未来许多年大多数大型科技股的利润都会出现超高速增长。TD ameritrade首席市场策略师JJ Kinhan表示:“随着利率上升,人们抛售了增长。”
Secondly, the higher yields are coming at a moment when these stocks have already enjoyed a strong run. The Nasdaq-100 is up almost 11% since June 30r, crushing the Dow's gain of 1.5% in that time span. "Peoples' first instinct is to take some profits on growth, which has had a good run in the past few months," Kinahan said.
第二,更高的收益率出现之际,这些股票已经享受到了强劲的涨势。纳斯达克-100指数自6月30日以来上涨了近11%,粉碎了道琼斯指数在此期间1.5%的涨幅。基纳汉说:“人们的第一反应是从过去几个月表现良好的增长中获利。”
Meanwhile, the value-oriented Dow is moving higher, up 241 points, or 0.7%. The index is heavily comprised of value companies, the earnings of which are largely more sensitive to changes in economic demand. With bond yields up -- and the possibility of a 2022 Federal Reserve interest rate hike won't damage economic growth -- value names are enjoying a run.$Boeing Co(BA.US)$ stock has gained 3%, while $Caterpillar(CAT.US)$ has risen 2.5%.
与此同时,以价值为导向的道琼斯指数走高,上涨241点,涨幅0.7%。该指数主要由价值型公司组成,这些公司的收益对经济需求的变化更为敏感。。随着债券收益率的上升--而且美联储(Federal Reserve)2022年加息的可能性不会损害经济增长--有价值的公司正在享受热潮。$波音(BA.US)$股票上涨了3%,而$卡特彼勒(CAT.US)$已经上涨了2.5%。
If anything, the Fed's higher interest rate projections indicate to markets a high degree of confidence in the economy -- for now. And ultimately, that's bad news for the stocks that don't need a solid economy to grow their businesses.
如果说有什么不同的话,那就是美联储的更高利率预测向市场表明了对经济的高度信心--目前是这样。归根结底,对于那些不需要稳健的经济来发展业务的股票来说,这是个坏消息。
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
写信给雅各布·索南希尔(Jacob Sonenlight),电子邮件:Jacob.sonenlight@Barrons.com
(END) Dow Jones Newswires
(完)道琼通讯社
September 27, 2021 10:54 ET (14:54 GMT)
2021年9月27日美国东部时间10:54(格林尼治标准时间14:54)
Copyright (c) 2021 Dow Jones & Company, Inc.
版权所有(C)2021年道琼斯公司
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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