Tech Giants Aren’t in The Mood

Tech Giants Aren’t in The Mood

Happy Friday, dear traders! The end of the week is going to be hot, so let’s see the news that may impact the market today.

Today’s Events

15:30 GMT+3, CAD GDP

Amazon is stressed

Amazon.com showed a slowdown in sales growth over the holiday season, disappointing Wall Street and warning inflation-afraid consumers and businesses with less money to spend.

Amazon shares fell sharply after the earnings report, losing almost 10%. This drop in Amazon's stock price in extended trading has wiped out its market capitalization by about $140 billion. It’s more than the combined value of companies like Morgan Stanley, Netflix, and Lockheed Martin.

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Other news worth following

  • Morgan Stanley downgraded Meta to Neutral from Buy following the release of its quarterly report. Meta stock lost 28.5% after the report, showing significant losses in profit.
  • The ECB raised interest rates to 2.00% for the third time. In a statement, the ECB indicated that energy price inflation was 40.7% and was the main driver of the overall inflation.
  • Musk asked Tesla engineers to meet with Twitter developers to review the company's code. Besides, he fires top Twitter executives after closing the deal.
  • Oil showed a weekly increase, which was supported by tension in the markets of petroleum products, strong US exports, and a weakening dollar. XBRUSD is 93.87.

Have an amazing day, and good luck!

 

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