BAD TECH NEWS?….This makes me nervous. Apparently the floor is falling out from under tech stocks:
Technology stocks pulled Wall Street down Tuesday amid corporate profit warnings and another economic report indicating that U.S. growth was slowing.
….Those worries have been deepened by last week’s government report that job growth slowed sharply in June, and by a stream of downbeat reports in recent days from mostly mid-size tech companies.
At my July 4th barbecue a friend of mine from a local (mid-size) tech company told me that they had missed their second quarter targets by 20% ? an enormous shortfall. What’s worse, this is a company that sells stuff to other tech companies, which means all these other tech companies probably aren’t doing so well either.
I know that one conversation with a friend doesn’t make the overall numbers either better or worse than they really are, but it certainly makes them more concrete. I hope the tech sector isn’t about to drag the U.S. economy into the doldrums yet again.