Deutsche Bank: Oil Surge and Tech Earnings Woe Slam S&P 500, Nasdaq
A Deutsche Bank note points to sharply lower S&P 500 and Nasdaq as oil spikes and stagflation fears batter risk assets, with disappointing post-earnings moves in Tesla and Alphabet dragging the Mag 7 to its worst daily drop on record.
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Deutsche Bank strategists said the S&P 500 and Nasdaq suffered steep declines as a surge in oil prices reignited stagflation concerns, pressuring risk assets.
Weak reactions to quarterly results from Tesla and Alphabet exacerbated the selloff, pushing the Magnificent 7 index to its largest single-day loss ever.
The commentary underscores the growing tension between rising commodity costs and equity valuations, especially in the tech-heavy segments that have led the recent rally.
Source: FXStreet Forex News