Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
The Magnificent Seven, the stocks of Apple, Microsoft, Alphabet, Amazon.com, Nvidia, Tesla, and Meta Platforms, that are responsible for the 2023 market rally are announcing disappointing earnings in the third quarter. The Rabid Capitalist previously warned its readers three weeks ago that these stocks would lose their luster (see https://therabidcapitalist.com/2023/10/02/the-magnificent-seven-are-losing-their-luster/ ). So far, $200 billion of their market value has been destroyed, bringing the S&P 500 closer to a correction.
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