Key Takeaways
- Tech Stocks Officially In A Correction
- Margins Increase At Both Amazon And Intel
- Inflation In Line With Expectations
Stocks fell for a second consecutive day on Tuesday as fears over earnings, geopolitics, domestic politics and economic data persist. The S&P 500 fell nearly 1.2%. The Nasdaq Composite was down by almost 1.8%. Following some better than expected earnings overnight and a Personal Consumption Expenditures (PCE) report in line with expectations, we’ll see if stocks can reverse Thursday’s losses.
Earnings from Facebook parent, Meta along with Google
GOOG
Amazon
AMZN
INTC
This morning, Exxon Mobil reported earnings that were slightly weaker than expected. Its stock is relatively unchanged premarket. Chevron
CVX
This week has also been filled with economic data. The latest numbers on Durable Goods were reported Thursday. Orders for durables increased 0.5% on a month-over-month basis, ahead of estimates of 0.2%. GDP for the third quarter also came in stronger than expected at 4.9% vs. expectations of 4.3%.
A few other odds and ends. Tesla
TSLA
Finally, despite the strong year overall, especially in the tech sector, the Nasdaq 100 officially went into a correction on Thursday. A correction is defined as a drop of at least 10% and as of yesterday’s close, that index is down over 11%. However, as I mentioned at the outset, we had some good earnings reports and I’ll call the PCE report good because it wasn’t stronger than what was being forecast. Hopefully, we can close out the week on a high note and then next week, we’ll have more earnings, including Apple
AAPL
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