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Earnings season is ramping up, with results have been much better than market’s expectations. Tech stocks are leading with a 0.64% increase in the Nasdaq on Wednesday. Meta shares shot up 12% after the company posted an earnings beat of $2.20 per share versus an expected $2.03. Revenue, meanwhile, came in at an expected $28.65bn versus a $27.65 bn estimate.
Microsoft shares, meanwhile, jumped 7.24% on a beat of $2.45 per share versus a $2.23 estimate; while revenue posted at $52.86bn, versus a $51.02bn estimate. Alphabet Inc. Google’s parent company has also beat out analyst estimates; with an EPS of $1.17 against $1.07; and revenue of $68.81bn against $69.79bn.
Despite the recent bank crisis, the largest banks in the U.S. have also reported positive news as JPMorgan Chase recorded a net income of $12.6 billion, which represented a 52% increase from the first quarter of the previous year. Its revenue also grew by 25%, reaching $38.3 billion from the same period last year. Other financial institutions such as Wells Fargo, Citigroup, and PNC earned $5 billion, $4.6 billion, and $1.7 billion respectively.
According to a report by Bloomberg intelligence, about a fifth of the S&P 500 Index have posted their earnings for Q1 of 2023, and more than 77% of these reports were better than expected. Despite revenue strength in the tech and banking sectors though, earnings are a lagging signal; and markets are still wary about the contagion risks coming from the imminent collapse of First Republic Bank, a regional institution that saw its shares drop 50% after the U.S. government was unwilling to rescue the bank after it saw a run of more than $100bn out of $167bn of its deposits.
The Dow dipped nearly 0.7%, with additional pressures coming in from an uncertain dollar ahead of the U.S. quarter-on-quarter GDP release for Q1, which will be released later today, 27 April at 15:30 (GMT+3), economists expect a slowdown to 2% growth, down from 2022 Q4’s 2.6%. A slowdown in line or even worse than analyst estimates might add extra fuel to the outlook that the Fed will pause or reverse pace on rate hikes – boosting the equities market.
Upcoming earnings reports include Amazon today, Exxon Mobil and Chevron next Monday, May 1; Pfizer and AMD on Tuesday, May 2; and Apple on Thursday, May 4.
As a friendly reminder, do keep an eye on market changes, control your positions, and manage your risk well.
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