Technology Sector
If you hold a lot of tech stocks (and I do!) you are feeling the hurt this morning! It’s just around 10:15 or so right now and boy are the tech stocks falling!
Texas Instruments, AMD, Big Bear, Cisco, HPE, Intel, Meta, Micron, Nvidia, Western Digital and UMC are all down bigtime. Some over 50 dollars a share. It’s like the bottom dropped out in the tech world. It also looks like there is some movement in the non-tech stocks. But those are going up so it seems like folks are moving to something they consider safer. I’m seeing growth in Dollar General, CVS, Kraft Heinz, and Kimberly Clark are all up.
The big winners so far are the gasoline companies it seems. Chevron and Exxon are both up a few dollars. So is Kimble Royalty Partners, and EPD. This is probably related to the Strait of Hormuz being closed off again. It seems the president is saying that the strait is open, but Iran is saying it’s not. But oil is back up high again.
Shucks, even Pepsi was up a couple of dollars this morning. It’s about 10:30 now and it’s back down part way. Still up from the last close.
I don’t think it will last
I’ve seen this before and I have a feeling that it will all change back again. The war has been escalating over in Iran and there have been some fighting going on over the weekend. But this is a crazy monday morning let me tell you! Does the increase in the fighting mean that interest rates might go up? If interest rates go up, that is bad for the folks who are trying to make AI work. The big boys are using credit to fund their big market caps and if loans get more expensive, then they will have a harder time paying the loans off. I think.
I think it will all reset
I think that over the next day or two, we’ll see some changes back to where we were. Micron might be going down because of SK Hinex has opened up the US stock. But I heard that it isn’t doing all that well either. I’m going to let it go a little bit and not make any moves until this mess calms down.
