Stock Market Slump Continues

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The stock market downturn continues, with tech giants significantly affecting prices despite a decrease in Treasury yields. Both the S&P 500 and Nasdaq fell below their 200-day averages due to reduced tech capital expenditure forecasts. Microsoft reported robust Q1 figures, driven by cloud sales, with a 27% increase in EPS and a 13% revenue growth to $56.5B. Alphabet, however, faced concerns over its Google Cloud division, which is investing heavily to compete in areas like artificial intelligence. Meta’s outlook was clouded by the uncertain ad market due to tensions in the Middle East, leading to a broader revenue guidance. Meanwhile, Amazon reported a strong Q3 with a 13% revenue boost, suggesting a bounce back from a difficult 2022 impacted by inflation and rising interest rates.

2. McDonald’s reported strong earnings, surpassing Wall Street estimates, with a Q3 net income of $2.32 billion, or $3.19 per share, up from last year's $1.98 billion or $2.68 per share. Revenue saw a 14% jump, reaching $6.69 billion, while global sales for existing stores grew by 8.8%, outperforming predictions. U.S. sales rose by 8.1%, credited to smart pricing and other undisclosed factors. The growth is also attributed to promotional activities and a spike in online and delivery orders. Internationally, McDonald's recorded an 8.3% increase in sales for existing outlets.

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4. Headlines

   1. Biden has unveiled an executive order surrounding the future of AI.

   2. Apple unveiled the newest Macbook Pro during an Apple Event filmed completely on the iPhone 15.

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