Yahoo Finance’s Jared Blikre breaks down how the tech sector is trading on Friday afternoon after Federal Reserve Chair Jerome Powell delivered remarks in Jackson Hole, Wyoming.
Video Transcript
[AUDIO LOGO]
JARED BLIKRE: Because of Powell’s comments– and I just want to broaden this out. I’m talking about the tech sector overall here. Let’s take a look at what’s happening in the software because I know, Dave– not to spoil or steal your thunder– you’re going to be looking at EA here.
I just want to note, look at all the red here. And this has to do with Powell’s comments that it’s inflation-busting time or die. Let’s take a look at the NASDAQ 100. Of course, as we say, this is tech-heavy. And just look at some of the losses in terms of the mega caps. Apple down 3%. Microsoft down 3%. Alphabet down nearly 5%. And Nvidia down 8%. So indeed, a lot of these names just flagging.
And before I go here, Dave, I just want to pull up a week chart of the NASDAQ. So this is a five-day chart. This is today. And we can see that we are still at session lows right now and down 4% for the week. So a little bit of a fake out into Powell’s comments, but now we have the real story ahead of us, Dave.
DAVID BRIGGS: Real quickly–
JARED BLIKRE: Yes.
DAVID BRIGGS: –we’re you surprised at anything Jerome Powell said today? Am I– is me and Phil the only guys that just weren’t? This was exactly what–
JARED BLIKRE: I think–
DAVID BRIGGS: –I expected.
JARED BLIKRE: I was extremely surprised that it was as short as it was–
DAVID BRIGGS: That surprised me.
JARED BLIKRE: –because I listen to Brian Sozzi every morning, and he is very much on the GameStop earnings call, 10, 11, 12 minutes. Notable because this was 8 and 1/2 minutes. So even shorter than a GameStop earnings call. I don’t think the investors were expecting that, but the message is clear, like I said, fight inflation or die.
DAVID BRIGGS: I think the message has been pretty clear all along.
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