Stock Market Today: Tough Time For Tech, Good Time For Material

December 27, 2022, 9:52 pm EST

Tough Time For Tech, Good Time For Material

Technology-focused index Nasdaq went through a tough time today with -1.4% loss. Popular names suffered a significant drop or near their 52-week low points: TSLA -11%, NVDA -7%, AAPL -1%, AMZN -2%. 

But, materials kept up their strength: AGI, TECK +3%, WPM, GOLD, NEM, AEM, GFI, KGC, FCX, SCCO +2%

Apparently, fund managers tried to do “Window Dressing” before the end of 2022. Exposing their portfolio with well-performed stocks makes their statements much nicer than holding a bunch of losers. 

Still, it points out the troubles of these over-priced mega technology companies. 2023 will not be the 2020-2021 years when the Federal reserve executed its quantitative easing policy. Instead, quantitative tightening would likely continue to solve the inflation issue. 

This is also our view that the materials and energy sectors are going to thrive in 2023. Furthermore, we also pay attention to some machinery stocks that mining companies need like CAT and CMI. 

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