"Not on a day-to-day, week-to-week, but on an intraday basis, just because of the position that investors are in now." "The volatility is here, and it's been here for a while, and I think it's probably here to stay," he added. The optimism of the Federal Reserve pivoting only occurs in a scenario where things deteriorate more quickly, from a macroeconomic standpoint." "The optimism is built almost entirely on a pessimistic outlook. "The intraday action of the day is kind of a microcosm of what we've been feeling as investors over the past several weeks," Buchanan said.
He said the first of the big tech reports had a particular impact as it is an industry that many investors are exposed to. The swings in the major indexes reflect a "tug of war" between corporate America and the Federal Reserve that has left investors attempting to balance what companies are reporting and what that means for future interest rate hikes, said Keith Buchanan, portfolio manager at GLOBALT Investments. The company also issued current-quarter revenue guidance that fell short of expectations. Meanwhile, Microsoft declined 7.7% after the tech giant reported weaker-than-expected cloud revenue in its latest quarterly results, despite beating earnings and revenue estimates. Alphabet also reported a decline in YouTube ad revenue, which spurred investors to deliberate the outlook for other tech companies that rely on ad spending. Shares of Google-parent Alphabet dropped 9.1% after the tech giant missed expectations on the top and bottom lines. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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