Beat the street: Fed; jobs; big tech; GM; Pfizer; UPS
Traders brace for key jobs data and the start of the Fed's two-day policy meeting. Also, the countdown to tech earnings from titans Microsoft, Alphabet, and AMD has started.
GM delivered an upbeat 2024 outlook, but UPS’ revenue outlook disappointed. Pfizer reported a surprise quarterly profit.
(AI Video Summary)
General Motors reports positive profit forecast
In today's edition of "Beat the Street," the host, Angeline Ong, discusses important events that traders should keep an eye on. These events include stocks, jobs data, earnings reports from big tech companies, and the Federal Reserve's policy meeting. She also talks about some specific news happening in the market.
One of the things mentioned is General Motors' positive profit forecast. This is good news for the company and has caused its share price to increase. Another topic brought up is Pfizer, a drug giant, unexpectedly reporting a profit for the quarter. This has caused some volatility in financial shares. Axel Rudolph, another technical analyst at IGTV, analyses the EUR/USD chart and suggests that it may go down unless it rises above last week's high. Rudolph also looks at the S&P 500 chart and discusses the possibility of a "melt-up," which is when the market experiences a rapid increase. He also mentions that the S&P 500 might slow down around the 5,000 mark.
Microsoft's upcoming earnings report
IGTV's Jeremy Naylor then talks about Microsoft's upcoming earnings report and its recent rise to a new all-time high in the stock market. He mentions investors' interest in Microsoft's cloud revenue growth and the impact of its acquisition of Activision Blizzard. Alphabet's earnings expectations, particularly in its advertising activities and advances in AI-powered solutions, are also discussed. Additionally, the video briefly touches on oil prices and the potential impact of tensions in the Middle East.
Overall, this video covers various topics in the trading world, including company earnings, market trends, and important events. It's a great resource for anyone interested in trading or wanting to stay informed about what's happening in the market.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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