Dow Jones Sinks as Analyst Warns on Apple and Microsoft Valuations; Home Depot Stock Slumps on Slowdown Fears
The stock market was broadly lower on Friday, with the Dow Jones Industrial Average (DJINDICES:^DJI) down 0.13% at 12:05 p.m. EDT. The tech-heavy Nasdaq Composite was the worst performer among the major indexes, hurt by an analyst warning about tech stock valuations.
That warning pertained to Dow components Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT), which are trading at historically high valuations after months-long rallies. Both stocks slumped on Friday, as did shares of Home Depot (NYSE:HD) following a separate analyst warning.
Barclays warns about big tech valuations
Mega-technology stocks like Apple and Microsoft have led the way since the market bottomed out earlier this year in the throes of the COVID-19 pandemic. Shares of Apple are up around 46% year to date, while shares of Microsoft have gained roughly 26% in the same timeframe.
This rally in tech stocks has pushed valuations to historically high levels.
Aberdeen made it five wins on the bounce but demanding Derek McInnes still wants even more from his on-form team.
The Dons warmed up nicely for Thursday’s Europa League clash against Viking Stavanger, as Ross McCrorie scored his first goal for the club, to claim this latest victory against Kilmarnock.
Aberdeen now sit well-placed in the top four, knowing if they can win their two games-in-hand that they could be right up there challenging at the top end of the Premiership.
McInnes said: “I was pleased with the speed in the team and quick support as some of the play was really impressive but I’m still looking for more.
“The exciting part is that I know that there is better in us even though that’s five-wins-in-a-row now.
“We have only lost two goals in all six games this season which is encouraging, but we would have liked to score a