NDX (-3.7%) getting crushed today on disappointing $Intel(INTC.US) and other tech earnings and uncertainty about returns…
NDX (-3.7%) getting crushed today on disappointing $Intel(INTC.US) and other tech earnings and uncertainty about returns on huge AI capital buildout. Key drivers of today’s sell-off: $Intel(INTC.US) -30% after guiding to weaker than expected 4Q revs on sluggish PC volume growth; this week’s weaker than expected earnings from bellwethers $Alphabet(GOOGL.US) and $Amazon(AMZN.US); continued increase in capital spending from tech heavyweights; hawkish Fed commentary pointing to another rate hike by year-end are the key drivers of the negative sentiment. Offsetting these negatives: 10-yr treasury yields have declined from 5.3% on 9/30 to 4.94% today, which makes equities more attractive vs bonds.
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