Equities ground higher overnight, led by big tech, ahead of the earnings from Apple later this week, and the Federal Reserve’s interest rate decision due Wednesday.
Equities bounced overnight, led by big tech, ahead of the earnings from Apple later this week, and the Federal Reserve’s interest rate decision due Wednesday.
Big tech regained some ground after a rough week and the DOW slumped as investors digested contrasting corporate earnings as Amazon and Intel impressed, but underwhelming results from oil majors including Chevron left energy stocks nursing heavy losses.
The so-called Magnificent Seven – Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla – have wiped about $US200 billion off their value following this season’s reporting results.
Todays close in the S&P500 notches a fifth daily decline in six sessions, closing below the key 4,200 level. The Nasdaq slumped to 4-month lows, having its biggest single-session percentage drop since February, breaking the key 14,500 level, also the 200ma
Stocks finished higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally.
Equites were mixed to higher as Tech stocks started the week on the front foot as investors look ahead to big tech earnings, with Microsoft and Alphabet set to report September quarter results on Tuesday.
Equites closed out the week with a loss as worries about escalating conflict in the middle east, mixed earnings and the rally in treasury yields this week was too much for investors.
Powell’s elucidations on economic resilience and fiscal paths ignite an upward trajectory in bond yields, simultaneously casting shadows on the equity market’s performance.
Last Night’s Market Recap Daily Weekly Daily Weekly Overnight – Fresh highs in bond yields squash earnings positivity Equities fell
Equities fell overnight led by tech, as investor sentiment was soured by Nvidia-led weakness in chip stocks and a jump in Treasury yields following stronger retail sales data that boosted bets on a Fed rate hike by year end.
Equities rallied overnight as investors piled back into big tech, shrugging off an ongoing climb in Treasury yields as optimism of quarterly earnings expected this week.
