Despite double-digit gains that raised the fund’s value to nearly $3 billion, the returns fell just short of the pension benchmark’s performance.
The mega-cap tech giants appear invincible. But things always change in the market.
The top stocks will get company as the rest of the technology sector joins in amid AI mania, says Wedbush’s Ives.
Historically, when the sector’s P/Es are this high, its market performance flags over the next 12 months, per Jack Ablin.
Their stocks have been flat, like the rest of the market, but profit expectations are high for Q3.
The Magnificent Seven tech giants will continue to dominate the index, critics say.
The pension giant raked in $72 billion during the quarter thanks to its public equities portfolios.
Even though the stock market took a nasty fall, companies eagerly paid for their own shares.
Apple, Amazon, Microsoft, Alphabet, and Tesla make up a core portion of both the S&P 500 and Nasdaq 100.
Corporate profits are falling back to a more normal pace (absent some nightmare scenario intruding).
The kings of the tech realm have suffered stock slides but still command powerful advantages.