🟩Macro Trumps Micro - Goldman Tech Trader Sees More "Weather The Storm" Than Panic-Sell🟩

Authored by Peter Callahan, Goldman Sachs TMT Sector Specialist

🟥The market had a rough week, with tech stocks struggling and the Nasdaq dropping over 3% for two weeks straight—something we haven’t seen since 2022. Despite a late-week bounce, investor sentiment remains cautious, especially in the tech sector, where hedge funds saw major losses. On top of that, new tariffs could put pressure on companies, but investors seem to be selectively ignoring them depending on whether they like a stock or not. Goldman Sachs has adjusted its US economic forecast due to these tariffs, lowering its GDP growth prediction for 2025 from 2.2% to 1.7% and slightly raising recession odds to 20%. However, policymakers still have room to adjust if things get worse.

🟥Even with all this uncertainty, there’s no mass panic—just a "weather the storm" mindset. The Federal Reserve’s stable interest rates and continued growth in AI-related industries are helping keep investors hopeful. Stocks like Apple and IBM are holding up well, while others like Tesla and CrowdStrike are struggling. Some believe the second half of 2024 could bring a market rebound with new product launches (iPhones, AI apps, cloud services, etc.), but for now, the market is waiting for more economic data (inflation, jobs reports) and government policy updates to decide its next move.

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source: @zerohedge