The market's FOMO-driven rally is unsustainable and most AI stocks are still bottoming, CIO says

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Artificial intelligence coding

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US stocks rise ahead of big tech earnings and the Fed's next rate move

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An American flag hangs behind traders working on the floor of the New York Stock Exchange (NYSE) on October 11, 2019 in New York City.
An American flag hangs behind traders working on the floor of the New York Stock Exchange (NYSE) on October 11, 2019 in New York City.

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FAANG stocks could soar 50% this year thanks to long-term demand for tech goods and no new competition, Fundstrat's Tom Lee says

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Tom Lee Fundstrat
Fundstrat's Tom Lee.

Photo by Cindy Ord/Getty Images for Yahoo

US stocks drop as First Republic revives bank worries and investors await big tech earnings

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US stock market traders
First Republic plunged 44% intraday, bring its stock price to all-time low.

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Mass layoff exit packages at Meta, Amazon, Microsoft and Alphabet will collectively cost the tech giants up to $4.7 billion

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The biggest tech stocks have lost $300 billion in value this past week.
Meta, Amazon, Microsoft and Alphabet posted earnings this week.

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Amazon's AWS just notched its slowest growth in years. It expects customers to tighten their belts even more.

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Andy Jassy
Amazon CEO Andy Jassy and other company execs presented figures Thursday that showed a slowdown at AWS.

Associated Press

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