{"id":1313,"date":"2023-06-27T06:10:26","date_gmt":"2023-06-27T06:10:26","guid":{"rendered":"https:\/\/halcyonpw.com.au\/?p=1313"},"modified":"2023-06-27T06:11:01","modified_gmt":"2023-06-27T06:11:01","slug":"market-update-will-big-tech-save-the-day","status":"publish","type":"post","link":"https:\/\/halcyonpw.com.au\/market-update-will-big-tech-save-the-day\/","title":{"rendered":"Market Update | Will Big Tech Save the Day?"},"content":{"rendered":"\n
Key Points:<\/em><\/p>\n\n\n\n
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Global equities have performed well so far this calendar year, driven in large part by large cap tech companies.<\/em><\/li>\n\n\n\n
This rally has been exceptionally narrow, driven by only a handful of stocks. Historically, this has suggested that it will not last.<\/em><\/li>\n\n\n\n
There is substantial optimism around the long-term earnings prospects for tech companies. We think this is mostly warranted from a structural perspective, but don\u2019t think these companies are immune from shorter term macro headwinds. They are not recession proof.<\/em><\/li>\n<\/ul>\n\n\n\n
In this month\u2019s Market Insight<\/em>, we go under the hood to see what has been driving performance in markets so far this year and whether that can provide any guidance for the year ahead. In 2023 so far, there has been a substantial rally in equity markets, led by global equities in particular. Returns to other equity markets, as well as credit and bond returns, have been positive, but have diverged from global equities since April.<\/p>\n\n\n