Investors pivot to defensive stocks as markets enter a ‘state of alert'

Impact · against what's priced in

The article offers no new catalysts for Big Tech, as the current market volatility and semiconductor de-ratings are already reflected in the low multiples and pessimistic growth assumptions of the prices. Walmart's valuation is now a liability, as the market's pivot to defensives has pushed its multiple to a record high, leaving it vulnerable to any guidance miss.

WMT−0.30

Challenges what's priced in

The price assumes