*Very Good Morning!!!*
*US Markets in Detail...*
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*Last Heard*
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*TODAY’S MAJOR CORPORATE RESULTS:*
ABFRL, ALKEM, ASTRAL, AUTOAXLES, AWHCL, BANKINDIA, BAYERCROP, BIRLACORPN, CMSINFO, CUB, DEVYANI, DIGISPICE, GATI, GNFC, GODREJAGRO, GULPOLY, INDIGO, IOLCP, JUBLPHARMA, LAXMIMACH, MAHLIFE, MINDACORP, NH, NOCIL, PAYTM, RECLTD, SAINTGOBAIN, SHREECEM, SIEMENS, SPARC, TATASTEEL, THERMAX, ZEELEARN, etc
Sensex: 58,788 (-770) (-1.29%)
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WTI Oil: $90.20: +2.20%
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GBP-$: 1.3601
Jpy-$: 114.98
Re: 74.86: +0.03%
US10yr: 1.84%
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$ Index: 95.3490 (-0.61%)
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*The worst selloff in American technology shares since 2020 showed signs of easing in late trading after Amazon.com Inc. and Snap Inc. soared on quarterly results.*
*Amazon spiked higher by 15%, while Snap added 40%, lifting the biggest exchange-traded fund tracking the Nasdaq 100 by 2% as of 4:24 p.m. in New York.*
*U.S. stock indexes closed lower on Thursday, ending a four-day win streak as shares of Facebook’s parent fell 26.4% after a weak outlook from Meta Platforms Inc as it blamed Apple's privacy changes and increased competition from rivals such as TikTok for its disappointing outlook. The decline in market capitalization was the largest ever recorded by a U.S. company in a single session, eclipsing when Apple Inc (AAPL.O) shed $180 billion on Sept. 3, 2020.*
Thursday also marked the Nasdaq’s worst one-day percentage decline since Oct. 28, 2020.
*The air was coming out of the high growth firms for the last 12 months, but now it’s coming for [Meta]. Robinhood could go to zero and the Nasdaq wouldn’t blink, but it’s a different deal with [Meta]. A lot of people are reassessing, and What can Amazon -7.81% possibly say to make the stock go up?”*
Facebook is a confidence builder. It’s a super widely held stock and a core part of many portfolios, so when it has such a difficult time, it just shakes overall confidence. The question right now is, is this a Meta-specific issue, or is this going to be an overall issue. The company also issued weaker-than-expected revenue guidance for the current quarter. It was the biggest drop ever for the Facebook parent.
In turn, Meta's performance eliminated 0.9% of the Nasdaq's value and cut the S&P 500's combined worth by 0.6%, according to Reuters calculations. The exchanges, respectively, suffered their worst daily falls since September 2020 and February 2021.
*Strong earnings from Microsoft, Apple and Alphabet drove investors back into tech, reminding them that fundamentals are still strong, but Meta Platforms’ weak guidance has caused some to reverse course.*
The problem we’re suffering from right now for earnings in general is it’s not enough to have good earnings, you have to lay out a really good plan going forward with a lot of optimism. ‘Good isn’t good enough’ is really the theme of this earnings season so far.
By: via @AlliesFin Serve Stock Market
