Equity market gain evaporated after news from Apple sent a chill to the equity market. The announcement of a hiring slowdown resonates with the market bears. This sends the stock price to drop by 2%. It is a clear reflection of economic demand waning.
Early in the trading session, stocks were in green territory as investors digested the latest update that the odds of a full 1% rate hike had fallen. Wall Street is trying to find ground as investors tried to cool their uneasiness on Fed tightening.
🏋IBM Earnings: A beat but guidance trimmed🛎
The company gave a green report card even as the stronger dollar headwind hit its profit margin. Investors are also digging into softer outlook guidance given.
Its restructuring effort is on track as it swings into software and services in the AI sphere. Moreover, going into a start of a new cycle for its hardware business, IBM is well poised to see growing support for the next few quarters.
The CEO project a cautious yet firm outlook as demand for technology remains relatively strong.
🎙Our Outlook Thus Far🧸
Pika World continued to be cautious. While there are about 10% of the S&P 500 already reported their earnings and, on average, about 3.7% above the estimates, the path ahead still looked cloudy. We could see a more significant prevalence of a downward revision in profit expectations.
More Stories
🚀It’s time for a re-assessment; then came Nvidia’s boost.🚀
A flip-flop markets into earnings season
Nvidia pushes the market to roar back.