Beat the street: Alphabet tops $2 trillion market cap; Microsoft; PCE; Chevron; Exxon Mobil
Alphabet’s results helped the Google-parent push its market value past the $2 trillion mark. A key inflation print was in-line with expectations, a day after a cooler-than-expected US Q1 GDP reading.
Plus, Chevron delivers a Q1 profit beat, while Exxon Mobil misses on its Q1 profit estimates.
(AI Video Summary)
Core PCE data aligns with expectations
In the today's episode of "Beat the street", Angeline Ong analyses the market's response to recent economic indicators and corporate earnings ahead of the Wall Street open. The core PCE data aligned with expectations, showing a yearly increase at 2.8%, slightly ahead of forecasts. This follows a softer US GDP reading. Chevron outperformed in Q1 earnings, while Exxon Mobil fell short. Ong also touches on tech giants' earnings, with Alphabet and Microsoft reporting strong results, contrasting with Meta's disappointing figures.
Indices and earnings reports
The S&P futures reacted positively, suggesting a favorable market outlook. Attention also turns to the upcoming Fed meeting and non-farm payroll data, with speculation about interest rate cuts amidst a strong US economy. Analysts anticipate critical earnings from Apple and NVIDIA, highlighting the potential impact on market trends. The episode also examines client sentiment on major tech stocks and concludes with an update on oil majors' performance post-earnings announcements.
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