Equity indices have rallied today as reported Headline and Core CPI increased by “only” 7.7% and 6.3% Y-O-Y respectively. Many Technology names are up double-digit percentages today on this macro news despite the fact that many companies are cutting heads (it’s not just CRM, LYFT, META, MSFT, NFLX, RDFN and SHOP), given the weak economic outlook. The economy will get worse before it recovers. Sell this rally, especially Technology names that are up double-digit percentages today on no company-specific news.
- Click here for more on corporate headcount reductions: https://layoffs.fyi/