US indices slipped lower into the weekend following disappointing results from social media firms plus poor economic data reignited recession fears. Heavyweights Meta Platforms (META US) -7.6% and Alphabet Inc (GOOGL US) -5.6% weighed heavily on the market after Snap and Twitter Inc both missed revenue expectations when they both reported – Snap (SNAP US) shareholders saw their investment plunge -39% in one session reminding anyone who’s listening that growth stocks must continue to perform to justify their valuations. On a more positive note, one of our most recent additions to the International Equities Portfolio HCA Healthcare (HCA US) delivered a materially better quarterly update and rallied ~11%.
- We continue to target a test of the 4100 area for the S&P500, around 3-4% higher i.e. a potential test of its early June swing high.
MM is mildly bullish US equities short-term, targeting 3-4% higher for the broad market
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