Tech earnings could determine whether sell-off is routine pullback or leadership crisis for stocks


The Wall Street Bull (The Charging Bull) is seen during Covid-19 pandemic in New York, on May 26, 2020.

Tayfun Coskun | Anadolu Agency via Getty Images

The stock-market debate lately has taken place largely from the extremes.

The believers are calling the powerful rebound from the Covid-shock lows a brand-new bull market, with a close resemblance to the 2009 post-recession bottom in terms of magnitude and velocity against a brimming reservoir of pessimists. Equity gains were well above average for a decade thereafter.

Market skeptics look at the same market and see the year 2000 — one of the worst entry points for stocks in history — with extreme concentration of value in a few expensive…


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