Apple checks the earnings iMessage [Flashpop/DigitalVision via GettyImages]
Feeling like Jordan '96,'97... The "Big Tech 5" demolished earnings with jaw-dropping records. Despite the vax rollout and reopenings, some online pandemic habits seem to have only ramped up from January to March...
BTW... The "Big Tech Five" makes up ~22% of the S&P 500's value, which reflects the total stock market. After a year of stocks thriving while the economy suffered, the economy seems to be starting to catch up. And consumer spending is playing a big role.
Big Tech's records reflect economic confidence... Consumer spending is rebounding thanks to stimulus(es), vaccines, and business reopenings. Retail sales surged 10% in March, the largest jump in a year. That benefited Amazon, but it also boosted ad giants, who rely on your spending to sell ads. Spending fueled 6.4% GDP growth last quarter, the second-fastest pace since 2003. Meanwhile, the techy Nasdaq index is up 62% over the past year. But a few clouds could rain on Big Tech's parade. Like: increasing antitrust scrutiny (the Apple-Epic "App Store monopoly" trial starts today) and inflation concerns.