Tech Earnings Part 2

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Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. More Tech Earnings:

   1. Apple reported surpassing revenue and earnings expectations, yet a 13% decline in sales in China led to a drop in shares in after-hours trading. Despite this, Apple's overall revenue showed a 2% increase for the December quarter, with iPhone sales growing nearly 6% to $69.70 billion. The company's services business also saw an 11% rise, reaching $23.11 billion. Active Apple devices increased to 2.2 billion, up from 2 billion the previous year.

   2. Amazon's fourth-quarter earnings exceeded Wall Street predictions, with anticipated first-quarter revenues between $138 billion and $143.5 billion. Net income jumped to $10.6 billion, reflecting cost reductions and operational streamlining, including workforce cuts and project scale-backs. Fourth-quarter revenue increased by 14% to $170 billion, supported by holiday sales and Prime Day. AWS sales grew by 13% to $24.2 billion, despite a growth slowdown. Amazon also introduced new AI products and reported a 27% growth in its advertising unit to $14.7 billion, benefiting from new ad placements on Prime Video.

2. The S&P 500 reached a new record high, bolstered by solid technology sector earnings and a positive jobs report. The S&P 500 experienced a 1.1% increase on Friday to close at 4,958.61, the Dow Jones Industrial Average also hit a record, rising 0.4% to 38,654.42, while the Nasdaq Composite grew by 1.7% to 15,628.95. This market rally was driven by investors’ focus on the economy's resilience and potential for profit growth despite a significant jobs report that raised interest rates, with the 10-year Treasury yield jumping 17 basis points to 4.02%.

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4. Headlines

   1. Starbucks lowered its forecasts after missing targets last quarter.

   2. Walmart will undergo a 3:1 stock split.

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