Analysis-Wavering ‘Magnificent Seven’ draw bargain-hunters amid U.S. stock sell-off
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., October 20, 2023. REUTERS/Brendan McDermid
As their stock prices have fallen, rich valuations are moderating. The stocks now trade at an average forward price-to-earnings ratio of about 30 times compared with 45 times in mid-June.) - have soared over the last decade, and now many are drawing investors with rock-solid balance sheets that many believe can weather rocky economic times.
Others have been buying as well. Tech stocks saw $2 billion of net inflows last week, their largest in about two months, analysts at BofA Global Research said in a report. Data from Vanda Research showed retail investors’ net buys of nine big tech and growth stocks reached 31% of total flows, after being below 30% for most of the month.
Another important test will come on Thursday when Apple, the largest U.S. company by market value, reports results. Shares of several megacap companies have been hit hard by negative reactions to their earnings reports, including those of Google parent Alphabet, Tesla and Meta Platforms , said she was looking for insight into the extent of potential saturation of the smartphone market and the willingness of consumers to buy the next iPhone model.
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