Megacap Tech Disappoints Market Where Nothing’s Good Enough

(Bloomberg) — Solid quarterly earnings from America’s biggest tech firms weren’t enough to keep investors from selling late Thursday, the latest sign sentiment is turning against ultra-expensive digital megacaps.Futures on the S&P 500 tumbled 2% and Nasdaq 100 contracts were down 2.3% as of 6:45 a.m. in London. Stocks had rebounded from the worst selloff in four months during the cash session ahead of the slate of megacap results.The slide follows a red-hot run this year that saw the tech giants help haul U.S. equities to new highs amid a rampant pandemic and severe economic downturn.“As we’ve seen in reactions …read more

Source:: Yahoo Finance