8/2/2021
By Charles Payne CEO & Principal Analyst

It was a very eventful week for the market, which bounced around on investor reaction to financial results.  The biggest companies in the world posted results, which for the most part crushed consensus, but it could not stop sellers from abandoning ship.  This is a strange phenomenon that’s actually become routine.

What’s amazing is the time after moving lower on earnings, and before the next release, these stocks usually find their equilibrium and are back in all-time high territory when the next release happens.   Despite this fact, these stocks keep getting slammed.

With that as the key backdrop for the week, mega cap growth stocks power the Technology, Communication Services and Consumer Discretionary sectors.

With the heavy hitters and most influential names in the S&P 500 under pressure, the index closed lower on the week.

To read the full report, contact your account representative or email Research@wstreet.com

Charles Payne
Wall Street Strategies

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