Meta Platforms (Facebook) report interrupted the growth of stock indices
Meta shares fell 23% after Wednesday’s close. Investors were disappointed by the company’s report, which was below Wall Street analysts’ expectations. The company cut fourth-quarter net income by 8% and gave a weak outlook for the current quarter. Spotify shares fell more than 10% on the report due to the company’s weaker-than-expected subscriber forecast. Meanwhile, Alphabet (Google) shares increased by 7.5%. Google recorded stronger than market forecasts earnings and revenue growth in the fourth quarter of 2021 and announced its decision to do a 20-to-1 stock split. Advanced Micro Devices (AMD) shares rose 5.1%. The microchip maker reported record revenue in the fourth quarter of 2021, better than the market forecasts. Shell reported on Thursday a sharp rise in fourth-quarter earnings, above forecasts, driven mainly by higher oil and natural gas prices. Adjusted profits increased by 55% from the previous quarter.
Companies like Amazon, Snapchat, Pinterest, and Ford will report today.
As expected, OPEC+ countries have not changed the fundamentals of their moderate production plan, despite pressure from major consumers to increase production. The US crude oil inventories fell by another 1 million barrels last week. Supply shortages and geopolitical tensions in Eastern Europe and the Middle East keep oil high. According to Yergin, sanctions imposed by the United States on Russia could push oil prices up to $100.
Stock indices in Japan and Australia are decreasing in trading Thursday, following the technology sector. Japan’s Nikkei 225 (JP225) fell by 1.06%, and Australia’s S&P/ASX 200 (AU200) lost 0.14%. Investor sentiment was negatively affected, in particular, by weak quarterly reports of Meta Platforms (Facebook).
S&P 500 (F) (US500) 4,589.38 +42.84 (+0.94%)
Dow Jones (US30) 35,629.33 +224.09 (+0.63%)
DAX (DE40) 15,613.77 −5.62 (−0.04%)
FTSE 100 (UK100) 7,583.00 +47.22 (+0.63%)
USD Index 96.00 0.00 (0.00%)
News feed for: 2023.07.04
- Japan Services PMI (m/m) at 02:30 (GMT+2);
- Eurozone Services PMI (m/m) at 11:00 (GMT+2);
- UK Services PMI (m/m) at 11:30 (GMT+2);
- Eurozone Producer Price Index (m/m) at 12:00 (GMT+2);
- UK BoE Inflation Report (m/m) at 14:00 (GMT+2);
- UK BoE Interest Rate Decision (m/m) at 14:00 (GMT+2);
- UK BoE Monetary Policy Statement (m/m) at 14:00 (GMT+2);
- Eurozone ECB Monetary Policy Statement (m/m) at 14:45 (GMT+2);
- Eurozone ECB Interest Rate Decision (m/m) at 14:45 (GMT+2);
- Eurozone ECB Press Conference (m/m) at 15:30 (GMT+2);
- UK BoE Gov Bailey’s Speech at 16:15 (GMT+2);
- US Initial Jobless Claims (w/w) at 15:30 (GMT+2);
- US ISM Services PMI (m/m) at 17:00 (GMT+2);
- US Natural Gas Storage (w/w) at 17:30 (GMT+2).
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
