Tech stocks have a big earnings day with Amazon leading the way. This builds confidence in the sector and the market overall
Amazon.com and Apple are going to kick us off in a big way today as the market continues to drive higher. It is very encouraging to see two of the stalwarts of the market be the further drivers of the rally.
In fact, Amazon.com crushed earnings as the closely watch AWS end of the company beat and helped round out a very solid earnings report. In the case of Apple, they beat on iPhone sales and gives great confidence to the overall market, but to the tech sector in particular. We will talk about earnings more in a bit. Let’s take a look at what happened in yesterday’s session. We saw the market stumble a bit yesterday as the tech stocks gave a much cloudier picture. Yesterday was a tale of two cities as Alphabet had a 2.5% gain on the day with a strong quarterly report. Much of this was driven by advertising and cloud businesses. These were two very widely followed areas by analysts and they certainly were happy with what they saw. When you put up $100 Billion in Quarterly Earnings that sends a large message. META Platforms, however, were the other end of the spectrum. The stock was down over 11% on the day. This was primarily due to concern over expenses rising faster than expected and a one-time tax charge of $16 Billion. One other stock that stumbled of note yesterday was Chipotle Mexican Grill which was down 18,2%, making it the biggest loser in the S&P 500. The company reported a struggle with the 25–34-year-old cohort of customers and with that missed on the Quarter and lowered yearly outlook As we head to todays Halloween trading action, as mentioned Apple and Amazon have us off to a great start on the day. Some of the other earnings we wanted to mention are from the Energy Sector. Exxon Mobil Corporation reported earnings that slightly missed expectations and continued the lower year-over-year trend. Much of that is due to the lower price of Crude Oil and the stock is down slightly. Chevron Corporation is mostly unchanged as the earnings also fell year over year, but they did top estimatesThe other things to watch all revolve around the rotating of Investor expectations. That is one of the things that many have pointed out is a seeming rotation by some of the large firms from an incredibly strong weighted tech sector to the Financial and Pharmaceutical sectors. We also have a seeming “trade truce” between the US and China. We know that this is a fragile partnership and one that has the investing community nervous. The last one to keep in mind is the constantly changing probabilities of a December rate cut after the Fed comments on Wednesday. This will be a constant subject for us to visit over the next few weeks as Investors try to digest what this means.Have a Happy and Safe Halloween!
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