Strong earnings will reverse decline in megacap tech stocks: Goldman Sachs
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., August 15, 2023. REUTERS/Brendan McDermid/File Photo
The mega caps in aggregate have beaten consensus sales growth expectations 81% of the time and have outperformed in two-thirds of earnings seasons since the fourth quarter of 2016, Goldman's strategists said. The bullish call on tech stocks comes as investor sentiment for equities overall has flatlined, which historically has been a contrarian indicator of more gains ahead, Savita Subramanian, equity and quant strategist at BofA Global Research, wrote in a note Monday.
The S&P 500 has dropped nearly 5% over the last 10 trading days but remains slightly more than 11% up since the start of the year.
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