Tesla, Apple's Lackluster Reports Cause 'Hair Trigger' For Investors To Rethink Tech-Heavy Portfolios: 'We Set The Bar Too High'

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Senior portfolio manager at GLOBALT, Thomas Martin, indicated that Tesla’s results served as a wake-up call for investors who realized their portfolios were heavily weighted towards information technology and growthier type companies, Reuters reported.“This was the hair trigger for people saying, ‘Wow, I’ve got way too much exposure to information technology and growthier type companies,'” he said. “The trade … is to get more diversified.” Jake Dollarhide, chief executive officer of Longbow Asset Management, added, “We set the bar too high on earnings.

The recent tech stock selloff has raised concerns about Wall Street’s vulnerability to a potential downturn in the Big Tech trade, prompting investors to reconsider their portfolio composition.

What Happened: The market experienced a selloff triggered by disappointing quarterly reports from Tesla Inc.(NASDAQ:TSLA) and Google-parent Alphabet Inc.(NASDAQ:GOOGL), causing the tech-heavy Nasdaq Composite to drop 3.6% in its worst day since October 2022.

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Category: Technology

Markets: United StatesSouth Korea

Topics: Tech META News NVDA AAPL GOOGL US5949181045 Analyst Color Big Tech Stocks US67066G1040 US88160R1014 General US0378331005 US0231351067 MSFT Pooja Rajkumari US38259P5089 Benzinga Stories That Matter TSLA Markets AMZN

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Published On: 2024-07-25 @ 08:14:42 (19 hours ago)

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