{"id":11064,"date":"2022-05-13T04:09:17","date_gmt":"2022-05-13T04:09:17","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=11064"},"modified":"2022-05-13T04:09:17","modified_gmt":"2022-05-13T04:09:17","slug":"as-oil-stocks-rise-wall-street-is-turning-away-from-big-tech","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/as-oil-stocks-rise-wall-street-is-turning-away-from-big-tech\/","title":{"rendered":"As oil stocks rise, Wall Street is turning away from big tech"},"content":{"rendered":"

As oil stocks rise, Wall Street is turning away from big tech<\/strong><\/h1>\n

On Wall Street, big tech stocks were all the rage, with speculators buying them up to absurdly high levels. For example, the legendary quintuple of Facebook (now Meta), Amazon, Apple, Netflix, and Google (now Alphabet) took up about a fifth of the S&P 500 at one point\u2014a surprising proportion given that the S&P 500 is often seen as a proxy for the US economy as a whole. Investors, on the other hand, avoided the oil<\/strong> <\/a>and gas sector due to years of low shareholder returns, growing debt, and shrinking earnings.<\/p>\n

The tables have now reversed, with the once-dominant NASDAQ plummeting and oil stocks emerging as the new FAANG: the Technology Select Sector SPDR ETF is down 24.3 percent year-to-date, while its energy counterpart, the Energy Select Sector SPDR ETF, is up 35.9%. Softbank, the embodiment of the excesses that powered the technology stock boom, announced a loss of roughly 1.71 trillion yen, or $13.2 billion, for the fiscal year ended in March on Thursday. The world’s largest technology investor suffered its greatest loss in its four decades of existence.<\/p>\n

Energy investors, on the other hand, are ecstatic, since the black gold rush has fueled record profits. Energy equities presently account for only 4.4 percent of the S&P 500, compared to 28 percent for technology. “We’re not claiming that Energy is set to go back in-line with Tech as it did in the mid-2000s when commodities had a tremendous bull run following the Dot Com crisis,” Fowler adds, “but it’s certainly not impossible either.”<\/p>\n

For the first time, the world’s most valuable firm is an energy company: Saudi Aramco, the world’s largest oil company, has surpassed Apple in market value, making the Saudi oil behemoth the most valuable company on the planet. This happened after the company’s stock rose 46.20 riyals, boosting its market worth to $2.464 trillion (9.24 trillion riyals), compared to $2.461 trillion for Apple. But the road back to the top for oil is not without bumps. The market is extremely volatile, and the sector’s near 10% drop on Monday indicates that there is a sizable group of short sellers betting against it.<\/p>\n","protected":false},"excerpt":{"rendered":"

As oil stocks rise, Wall Street is turning away from big tech On Wall Street, big tech stocks were all the rage, with speculators buying them up to absurdly high levels. For example, the legendary quintuple of Facebook (now Meta), Amazon, Apple, Netflix, and Google (now Alphabet) took up about a fifth of the S&P<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[38,39,56,272,297,24,35,57,55,162,66,201],"yoast_head":"\r\nAs oil stocks rise, Wall Street is turning away from big tech | Xtreme Markets<\/title>\r\n<meta name=\"description\" content=\"On Wall Street, big tech stocks were all the rage while its energy counterpart, the Energy Select Sector SPDR ETF, is up 35.9%\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/as-oil-stocks-rise-wall-street-is-turning-away-from-big-tech\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"As oil stocks rise, Wall Street 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