Tech Is Weighing Down the Markets in a Flight to Safety

July 30, 2024 | Read Online

By Gianni Di Poce

The "Magnificent Seven" are looking more like the "Mediocre Seven" today, as tech giants stumble and drag the markets down with them. The latest blow comes from Microsoft, which plummeted as much as 7% in the after hours following a disappointing earnings release that left Wall Street with a bitter taste.

This tech tremor is sending shockwaves through the sector, pulling down cloud names like Snowflake and Amazon in its wake.

It's a stark reminder that tech, once the market's rocket fuel, has become more of an anchor. The selloff is now catching the eye of the crowd - that late money that tends to amplify trends.

While I'm not holding my breath for new NASDAQ highs anytime soon, the often-overlooked Dow Industrials might just have a shot at reaching new peaks. It's like watching the tortoise potentially overtake the hare in real-time.

Of course, tomorrow's Fed decision looms large over any potential rally.

The CME Group data is flashing a 100% probability of a September rate cut - a figure that seems almost too good to be true in this uncertain climate.

In this turbulent tech landscape, the risk-reward pendulum is swinging decisively towards precious metals. It's like watching investors rediscover their grandmother's jewelry box - that age-old safe haven is starting to shine again.

==>Here's what you need to know as we navigate these choppy waters...

🔥 Tech Meltdown Alert! 🔥

The "Magnificent Seven" are crumbling, and Gianni's got the inside scoop! Join him LIVE as he dissects the tech carnage and uncovers which sectors are poised to rise from the ashes.