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Earnings resist market correction

28 Apr,2022
Earnings resist market correction

There are a few key market movers adding to the intensity of the market volatility right now, other than the war in Ukraine, China’s prolonged lockdown measures, and the Fed's upcoming May policy, Company earnings steal this week’s spotlight with the equity market relying heavily on companies results and growth forecasts.

Overnight stocks on Wall Street ended in the mix after Visa and Microsoft projected stronger revenue forecasts pulling the S&P higher amid a stock market sell-off, while the biggest loser amongst the 3 major indices was the Nasdaq dropping almost 2% and 22% since December 2020.

On the same note, Bulls cheered for Meta as it surged 18% after Facebook beat forecasts after an increase to their user base shedding light on their “Instagram reel” feature as trendy and solidly competitive. Although annual revenue growth still slumped that didn’t stop traders from buying the mega-cap stock.

Disappointing Netflix earnings last week left markets to fret about what’s coming especially at times when global growth concerns mount. Amongst other popular shares to hit headlines were, shares of tesla that also tumbled 12% after the carmaker CEO Elon Musk bought twitter for a 44-billion-dollar deal.  

Mixed earnings have definitely left markets muddled with the Feds meeting around the corner and other mega-cap EPS up next like Apple and Amazon which is kind of critical at times of markets witnessing a tech meltdown.

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