macro

“There may be some more geared questions from analysts to the companies to try to frame what the macro backdrop is,” Sonders said in a phone interview.

Here, their decision is more subjective and susceptible to error — especially at a macro turning point.

Those tech and media companies command massive subscriber bases that pay monthly subscription fees regardless of the broader macro environment.

“However, valuation is stretched, capex elevated, free cash flow negative, competition fierce, and the macro treacherous,” the firm wrote.

“It’s unwise to stand in front of an onrushing train, so let’s see how this one plays out,” said John Hardy, global head of macro strategy at Saxo Bank.