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- Jan 26 stock market update: Why are there so many tech layoffs?
Jan 26 stock market update: Why are there so many tech layoffs?
The last 18 months have seen over 340K job layoffs in the technology and media sectors. Many CEOs blame the over hiring during pandemic and AI for these job cuts. I dont think AI has a lot to do with this.
This is inflation slowing down. After Covid CEO’s kept raising prices and were happy to keep over hired employees. With price rises no longer an option, they have to show earnings growth to keep their inflated stock up - which comes from job cuts. Stock valuations are not as high in other sectors.
This is what a resilient market looks like. Even with poor earnings, there is no sell off
Even with poor earnings from Intel, the market did not give up much ground to the bears. In fact, the Dow was up today after 2 days of negative.
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Energy and Communications continued to do well overall for the week
There are a lot of good earnings next week, $SOFI, #SMCI $MSFT $AMD $GOOGL, $AMZN are ones that I am watching closely.
Video of the day
Today’s video is on Intuit $INTU, which is a slow and steady performer in the software space.
Deep dive of the day
Today’s writeup is on ChargePoint a EV charging service provider.
Good setups for swing
27 days to earnings and $NU looks terrific into the highs
DLR should reverse to $137 (21 day MA) and head back to $150