Brian Stewart

that companies like Costco and Walmart are large enough that they can negotiate better prices. So even though the entire industry is going to be a general loser relative to their competitors, Walmart and Costco can get better deals and so therefore can still offer lower prices.

So RH, Restoration Hardware, is down about 39% today. I mean, that's partially tariff-related, but it had negative earnings as well. It missed expectations and gave soft guidance. It's described the current housing market as the worst housing market in almost 50 years. It's a luxury furniture maker, retailer, luxury furniture retailer. And it's just in the perfect storm.

So RH, Restoration Hardware, is down about 39% today. I mean, that's partially tariff-related, but it had negative earnings as well. It missed expectations and gave soft guidance. It's described the current housing market as the worst housing market in almost 50 years. It's a luxury furniture maker, retailer, luxury furniture retailer. And it's just in the perfect storm.

So RH, Restoration Hardware, is down about 39% today. I mean, that's partially tariff-related, but it had negative earnings as well. It missed expectations and gave soft guidance. It's described the current housing market as the worst housing market in almost 50 years. It's a luxury furniture maker, retailer, luxury furniture retailer. And it's just in the perfect storm.

Everything's going wrong for macro speaking for RH. And so you can see it losing a large chunk of its value today. In terms of the other tech companies, there's Besides the supply chain issues that are being affected by the tariff, there's also the fear that the AI build-out is not going to be as aggressive as originally hoped. I think there's just a general moving away.

Everything's going wrong for macro speaking for RH. And so you can see it losing a large chunk of its value today. In terms of the other tech companies, there's Besides the supply chain issues that are being affected by the tariff, there's also the fear that the AI build-out is not going to be as aggressive as originally hoped. I think there's just a general moving away.

Everything's going wrong for macro speaking for RH. And so you can see it losing a large chunk of its value today. In terms of the other tech companies, there's Besides the supply chain issues that are being affected by the tariff, there's also the fear that the AI build-out is not going to be as aggressive as originally hoped. I think there's just a general moving away.

There was already a general moving away from tech into more defensive. People were hedging their bets a little bit on tech. And so I think this has only exacerbated this. As we discussed during the sell-off that happened earlier this year, if you're bullish long-term, bullish generally, the best case scenario is that it falls quickly and finds a bottom quickly and then starts to recover.

There was already a general moving away from tech into more defensive. People were hedging their bets a little bit on tech. And so I think this has only exacerbated this. As we discussed during the sell-off that happened earlier this year, if you're bullish long-term, bullish generally, the best case scenario is that it falls quickly and finds a bottom quickly and then starts to recover.

There was already a general moving away from tech into more defensive. People were hedging their bets a little bit on tech. And so I think this has only exacerbated this. As we discussed during the sell-off that happened earlier this year, if you're bullish long-term, bullish generally, the best case scenario is that it falls quickly and finds a bottom quickly and then starts to recover.

So in a certain sense, if you want to take sort of a reversely positive look at a day when The NASDAQ at its lowest point was down more than 5%. You can say we washed out all the concerns and now we can have a better base to build on. So if you're a tech bull, this is a great chance to get tech companies at a reduced price.

So in a certain sense, if you want to take sort of a reversely positive look at a day when The NASDAQ at its lowest point was down more than 5%. You can say we washed out all the concerns and now we can have a better base to build on. So if you're a tech bull, this is a great chance to get tech companies at a reduced price.

So in a certain sense, if you want to take sort of a reversely positive look at a day when The NASDAQ at its lowest point was down more than 5%. You can say we washed out all the concerns and now we can have a better base to build on. So if you're a tech bull, this is a great chance to get tech companies at a reduced price.

If you're convinced that we're headed straight into an economic brick wall, then this is just the beginning.

If you're convinced that we're headed straight into an economic brick wall, then this is just the beginning.

If you're convinced that we're headed straight into an economic brick wall, then this is just the beginning.

So next week, we start to get the earnings season started.

So next week, we start to get the earnings season started.

So next week, we start to get the earnings season started.

churning next week is financial focus there's not a lot of tech companies on the docket but in the weeks following so as we get into the tail end of april we should start to get more tech companies reporting commentary from those tech companies is probably going to be pretty cloudy i think a lot of them are going to have to suspend guidance or sort of generalize their guidance in a way that that makes it difficult to get visibility just because they're all gonna be scrambling