By John Persinos
As The Clash sang: "One day it's fine and next it's black." Investors have been buffeted in recent days by contradictory trends. One day investors are bullish, the next...despondent.
As of market close October 28, the blended year-over-year third-quarter 2022 earnings growth rate for the S&P 500 is 2.2%. The percentage of S&P 500 companies reporting a positive earnings surprise are below their five- and 10-year averages. Trading this month has been volatile.
Stoking bearish sentiment have been generally disappointing Q3 earnings results from mega-cap technology bellwethers, with worrisome forward guidance.
Alphabet (NSDQ: GOOGL), Amazon (NSDQ: AMZN), Apple (NSDQ: AAPL), Meta Platforms (NSDQ: META), and Microsoft (NSDQ: MSFT) cumulatively account for 20% of the S&P 500 index, and for the most part, their Q3 performance surprised on the downside. On average, their stocks fell 9% on the day of their earnings release. The outsized influence of this tech quintet generates risk for passive investors.
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