Tech underperforming again post-midterms despite cheaper valuations. Everyone assumes a GOP House will slow Big Tech down with regulation and scrutiny.
Maybe. But here's the real question nobody's asking:
If tech actually does slow down, can the rest of the market carry the load? For years, tech earnings and capex have been the engine. Strip that out and what's left?
Energy? Financials? Industrials? They're doing fine now, but they haven't had to lead in a long time.
Markets got comfortable leaning on five names. If those five stumble, we're about to find out how deep the bench really is.
I'm not convinced Congress actually slows tech in any meaningful way. But if they do, the market's structure is more fragile than people think.
Maybe. But here's the real question nobody's asking:
If tech actually does slow down, can the rest of the market carry the load? For years, tech earnings and capex have been the engine. Strip that out and what's left?
Energy? Financials? Industrials? They're doing fine now, but they haven't had to lead in a long time.
Markets got comfortable leaning on five names. If those five stumble, we're about to find out how deep the bench really is.
I'm not convinced Congress actually slows tech in any meaningful way. But if they do, the market's structure is more fragile than people think.
