Tech stocks beat earnings expectations
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The Figures: Microsoft's earnings outperformed expectations on Tuesday evening, sending its stock price up nearly 10% overnight. Earnings: The company reported earnings of $2.45 per share, beating expectations of $2.23 per share. Revenue: Earnings of $52.86B were considerably higher than the $51.02B expected by analysts. The highest growth came from Azure. Despite the integration of Chat GPT into Bing, revenues from the company's Search unit increased by 16%, the lowest quarterly growth rate for at least a year.
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US Markets Stock futures are up overnight after Microsoft and Alphabet posted better-than-expected earnings. - Alphabet shares gained more than 2% overnight after Google Cloud posted its largest-ever profit.
- Markets ended in the red on Tuesday, dragged down by First Republic Bank, which published disappointing results a day earlier.
- The current 10 Year U.S. Treasury yield is set at 3.40800%
| Dow Jones | 33,530.83 | -1.02% | | S&P 500 | 4,071.63 | -1.58% | | Nasdaq | 11,799.16 | -1.98% | | Russell 2000 | 1,745.95 | -2.40% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets Calgary has reached a deal to build a new indoor arena to replace the city's Saddledome, which was built in 1983. - The project will cost CA$1.2B, including CA$800M for the actual events center.
- The Alberta government will invest CA$300M to build supporting infrastructure, including road improvements and public transport facilities.
- The new arena will feature a parking lot, a public rink for amateur games, and a plaza.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European stocks fell slightly on Tuesday after being relatively flat on Friday and Monday. - The Stoxx 600 closed down 0.4% after almost all sectors ended in the red.
- Mining stocks led losses with a 2.9% retreat, while the banking sector dropped 2%, and construction fell 1.1%.
- Healthcare stocks gained 0.7%. The travel and leisure sector also bucked the trend with a 0.5% increase.
| Euro STOXX 50 | 4,377.85 | -0.54% | | UK (FTSE 100) | 7,891.13 | -0.27% | | Germany (DAX) | 15,872.13 | 0.05% | | France (CAC 40) | 7,531.61 | -0.56% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Stocks in Asia were mixed on Wednesday morning after First Republic Bank stock slumped 50%, sparking fears of another bank run. - Australia posted an annual inflation rate of 7% for Q1 2023, down from 7.8% in Q4 2022.
- South Korea's consumer sentiment index rose in April, indicating that consumers are increasingly optimistic about economic growth.
- However, Bank of America lowered the country's 2023 GDP growth forecast to 1.4%, from 1.9% previously.
- Hong Kong exports fell by 1.5% year-over-year in March, while the value of imports dropped 0.6%.
| S&P Asia 50 | 4,495.61 | -1.65% | | Japan (Nikkei 225) | 28,469.08 | -0.53% | | South Korea (KOSPI) | 2,487.69 | -0.05% | | China (Hang Seng) | 19,740.01 | 0.62% | | India (SENSEX) | 60,087.98 | -0.07% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices rose early Wednesday morning after data showed that U.S. stockpiles fell. - Brent and West Texas Intermediate both lost over 2% on Tuesday as U.S. consumer sentiment hit a nine-month low.
- Investors are increasingly concerned about how a potential U.S. recession could impact global fuel demand.
- Crude stockpiles in the U.S. fell by 6.1 million last week, whereas analysts predicted a 1.5 million decline.
| Oil (NYSEARCA:OIL) | 29.41 | -2.20% | | Gold (NYSEARCA:GLD) | 185.75 | 0.51% | | Silver (NYSEARCA:SLV) | 22.99 | -0.39% | | Corn (NYSEARCA:CORN) | 24.21 | -0.37% | | Lumber (NASDAQ:WOOD) | 69.68 | -2.46% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar rose slightly on Tuesday as investors moved into safe-haven assets. - The U.S. Dollar has lost 4% since March 8 despite climbing nearly 0.5% on Tuesday.
- Risk appetite shrunk as First Republic Bank fell nearly 50%, while UBS reported a 52% decline in income from the previous quarter.
- The Euro lost 0.62% against the USD, dropping from a near 10-month high.
| UK(GBP) | £0.81 | 0.26% | | Europe (EURO) | €0.91 | 0.14% | | Canada (Canadian Dollar) | $1.36 | 0.73% | | Japan (Yen) | ¥133.56 | -0.30% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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