July 27, 2023 (MLN): The U.S. stock market benchmark S&P 500 index made a new 52-week high in yesterday's trading session, closing at $4,566.74 amid strong quarter two tech earnings.
S&P 500 is up 18.94% year-to-date, and just a shy of 5.23% away from the all-time high it made in January 2022, before the Federal Reserve started its fastest-ever rate hike cycles in history, taking interest rates from 0.25% in March 2022 to 5.5% now.
Last night after the market close, the U.S. Federal Reserve raised interest rates by 25 basis points to 5.25%-5.5% in a unanimous decision, bringing the benchmark funds rate to its highest level in 22 years.
Fed chair Jerome Powell in the press conference following the rate hike stated that they do not think there will be rate cuts this year, however, they could be cutting rates while continuing quantitative tightening.
Staff is no longer forecasting a recession, and believes there is a path to a "soft landing", he added.
Similarly, the U.S. technology composite index Nasdaq 100 is up a staggering 42.92% year-to-date, and 6.66% down from the 2022 all-time high.
Dow Jones Industrials (DJI), which tracks the U.S. blue-chip stocks, had its 13th straight green day yesterday, its longest winning streak since January 1987.
DJI is down just 3.57% from its all-time highs.
Latest top Tech giants' earnings
Tesla (NASDAQ: TSLA) reported its earnings for the second quarter of 2023 on July 19, wherein the revenue clocked in at $24.9 billion [EPS: $0.91], beating analysts’ estimate of $24.51bn [EPS: 0.82].
TSLA's stock is up 112.36% year-to-date, and down 36.04% from the all-time high.
Netflix (NASDAQ: NFLX) reported its earnings for the second quarter of 2023 on July 19, wherein the revenue clocked in at $8.19 billion [EPS: $3.29], as compared to analysts’ estimate of $8.3bn [EPS: 2.85].
Additionally, Netflix reported that it added a staggering 5.9 million subscribers in the second quarter, just one year after it had lost nearly a million subscribers.
NFLX's stock is up 43.34% year-to-date, and down 39.7% from the all-time high.
Alphabet Inc. (NASDAQ: GOOGL) reported its earnings for the second quarter of 2023 on July 25, wherein the revenue clocked in at $74.06 billion [EPS: $1.44], beating analysts’ estimate of $72.77bn [EPS: 1.32].
The company's stock surged 5.59% in Wednesday's trading session after the earnings release.
GOOGL's stock is up 46.13% year-to-date, and just 14.61% away from the all-time high.
Microsoft Corp. (NASDAQ: MSFT) reported its earnings for the second quarter of 2023 on July 25, wherein the revenue clocked in at $56.2 billion [EPS: $2.69], up 8% YoY and beating analysts’ estimates of $55.49bn.
The company's stock slid 3.76% in Wednesday's trading session after the earnings release.
MSFT's stock is up 40.84% year-to-date and has already made a new all-time high on July 18, 2023.
Meta Platforms, Inc. (NASDAQ: META) reported its earnings for the second quarter of 2023 on July 26, wherein the revenue clocked in at $32 billion [EPS: $2.98], beating analysts’ estimate of $31.08bn [EPS: 2.91].
The company lost a total of $13.7bn on its Metaverse development over the last year.
META's stock is up 148.11% year-to-date, and down 22.31% from the all-time high.
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Posted on: 2023-07-27T12:44:04+05:00
