Is it possible that good news will be very bad news for the 'stay-at-home' tech stocks?
Tim Cook, chief executive officer of Apple, speaks at the 2019 Dreamforce conference in San Francisco on November 19, 2019.With all due respect to the late, and great, Tom Petty, when it comes to today's stock market averages, it's "the weighting that is the hardest part."
What's odd about this potential inflection point is that the gains accrued to these stocks occurred in the midst of a pandemic and recession, not in a run-away bull market based on underlying euphoria that typifies love for a particular asset class. On Wednesday we got a very strong taste of what happens if a medicine emerges that reverses the on-going spread of the CoronavirusJohnson & Johnson's good news on the launch of Phase III trials for its "one-shot" Corona vaccine sent "stay-at-home," "work-from anywhere" stocks reeling … which, by the way, also happen to be the aforementioned mega-cap names.
In other words, will we see the emergence of a raging bull market in a wide variety of beaten down names that, quite simply, no one will notice? It's a critical question not just for Wall Street but for Main Street and Washington, as well.
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