The Nasdaq 100, down 27% - Apple
The spread between the prospective earnings multiples of the S&P 500 Information Technology Sector and the benchmark S&P 500 started this year at the highest it had been since 2004.
A “healthy correction” was in order, and what looks like some seriously unhealthy speculative excess has now been wrung out of the market.
However, it’s worth noting that from the Great Financial Crisis through to about 2018, tech basically traded at the same multiple as the rest of the market.
Tech’s premium could easily fall further from here:
John Authers Bloomberg 19 July 2022
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