Reward 1000 Tiger-coinsUS stocks closed higher and continued to rise after the bell because of the 25bps and $Meta Platforms, Inc.(META)$'s beat.
Fed rate hikes and Meta earnings drove the rally?
1) The Fed’s rate hike Wednesday took the fed funds target rate range to 4.50% to 4.75%. The Fed has targeted a range of 5% to 5.25% as its terminal rate. Market seems satisfied with this level and rallied when Powell’s “couple more hikes” comment.
2) $Meta Platforms, Inc.(META)$ soared as much as 20% after the bell Wednesday. Its lastest earnings beat market expectation and showed improvement in its business, including a lower cost forecast for fiscal 2023 and a $28.5 billion forecast for first-quarter revenue.
Shorts suffered and what's next?
Managing director for predictive analytics at S3 Partners, said
short sellers who have suffered big losses recently are aggressively trimming their short positions. Shorts have lost $81 billion by market value in January.
Note: In fact, Powell's speech remains to be hawkish. But the market is now being short squeezed. Any related news can be used as the reasons for explaining its rally.
The earnings report on Thursday and Non farm payrolls on Friday are important after short squeezing yesterday.
source: bloomberg and cmegroup
- $Alphabet(GOOG)$ will release its earnings report on February 2 after the bell. Investors should focus on its ad business.
- $Apple(AAPL)$ will announce its fy 2023 first-quarter results after the bell on Feb. 2. Investors should focus on iPhone's revenue.
- $Amazon.com(AMZN)$ will report its fourth-quarter 2022 earnings on Feb. 2 after the bell. Investors should focus on its cloud business.
To learn more about earnings estimates and key points of tech giants, you can click Big Tech Earnings Coming! How to Read Their Reports?
Comments
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