Big Techs in hover, Fed day and delta variant offer a reality check.

Wyllian Capucci
28/07/2021

Technology skepticism

Big Techs reported double-digit growth again amid skepticismon the sustainability of future earnings. Three of the biggest companies in the world – AppleInc., Microsoft Corp. and Alphabet Inc. – reported nearly $57 billion in profitcombined in a record-breaking quarter, generating a resurgence inconsumer and business spending. Apple shares fell in the pre-market,although after the company warned that sales growth may be slowing andsupplies are getting tight, putting a brake on investor excitementafter a record third quarter. Meanwhile, Google provided growthturbo accelerated sales thanks to increased advertising in the pandemic. Microsofthit sales and profit for the tenth straight quarter despite continuing fearsgrowth slowdown in Azure cloud computing business fromsoftware giant

FOMC day

The Federal Open Market Committee is keeping rates close to zero at the end of itstwo-day monetary policy meeting on Wednesday, and repeating the promise ofcontinue buying bonds at the current monthly rate of $120 billion. With the variantdelta of the virus on the rise, the case for delaying the output of the stimulus is clear, while thestock and bond markets have virtually eliminated inflation risks from the economy.No forecast is scheduled to be released at this meeting.

Delta drag

The White House told officials they must wear masks again, as thePresident Joe Biden ponders the requirement to vaccinate federal employees. THEDelta variant is putting Biden’s “summer of joy” in jeopardy, withUS for Disease Control and Prevention advising people to wear masksindoors in public, regardless of vaccination status inplaces where the virus is spreading rapidly. Meanwhile, Tokyo is gettingpreparing for more cases, while South Korea and Thailand announced infectionsdaily rates as the coronavirus continues to spread in Asia.

Mixed markets

Shares fluctuated as investors assessed the regulatory crackdown onBeijing and the profits of major US technology companies. Overnight, the indexMSCI Asia Pacific fell 0.2%, while Japan’s Topix index closed 1% below. AtEurope, the Stoxx 600 Index gained 0.6% at 56:10 GMT. The S&P Futures500 were slightly higher, the 10-year Treasury yield was at1.26%, oil rose close to $73 a barrel and gold rose

Coming

All eyes will be on the latest Fed policy statement at 3:00 pmEastern US time, followed 30 minutes later by the press conference for thePresident Jerome Powell. The Latest Weekly MBA Mortgage Application Dataare due at 8 am, followed by crude oil inventories at 11:30 am. Facebook Inc.,McDonald’s Corp., Boeing Co. and Pfizer Inc. are among the many companies that reportprofits today

Source:https://wintrademarkets.com/

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