Dear Chart of the Day Fan:
Here’s my chart for today. I’ll talk about it shortly after 3:30 p.m. Eastern (12:30 p.m. Pacific) on the Bloomberg Businessweek radio show. Also, I’ll present my Stock of the Day just after 4:05 p.m. (1:05 p.m.) on the radio and later on social media. You can hear me on Bloomberg Radio or see me at Bloomberg Global News on YouTube. Earlier charts are on my Substack page.
Thanks for your interest. It’s appreciated.
Earnings have been anything but a prerequisite for U.S. technology stocks to surge in the past 10 months. The performance of a Goldman Sachs Group Inc. index of unprofitable companies shows as much. The gauge increased almost fivefold from a record low on March 18 through last Wednesday, when it set a record. Goldman’s indicator also climbed five times as much as the S&P 500 Technology Index during the period. “These are extraordinary moves that are likely unsustainable at this point,” Jonathan Krinsky, Bay Crest Partners LLC’s chief market technician, wrote in a report Sunday that highlighted the index.