Selloff today after disappointing earnings news from facebook owner meta. Please fact amazon after the belt and i think the street is prepared for some disappointing news as well. Nasdaq 100 down 2. 2 . That is just a concentrated version of the ccmp. Abigail doolittle has a look at the earnings that have driven these losses today and the effect on volatility. Abigail pretty brutal stretch. The declines you were talking about, we have the major indexes down for the second day in a row. I dont think the s p 500 is oversold yet. There could be more selling ahead. This is since j. P. Morgan kicked off earnings season, down 5 . The worst stretch of the year. The bears are in control. Looks like we will have a thirddown month in a row for the s p 500. Relative to the earnings that are pressuring this week has every thing to do with big tech. Yesterday was alphabet and today is meta and alphabet and amazon. Meta down about 5 , the worst day going back to december of last year. The quarter wa
Bloomberg daybreak europe. I am Tom Mackenzie in london. The ai fueled really rolls on, nvidia delivering on the high, reporting results beating already lofty expectations. Shares a surge in after hours trading. The industry is going through a major change. Let me give you some perspective on the importance of the transformation. The next Industrial Revolution has begun. Tom u. S. And european futures point higher on renewed tech optimism. Fed an policymakers rallying around the higher for longer view on the rates, plus the ukip hopes for brighter days ahead, staking his political future on an improving economy as he calls a surprise summer general election. Labor leader keir starmer says it is time for change. Lets check on these markets, it is a risk on an thank you to nvidia for that. Looking past the fed minutes and hawkishness of baked into those comments, nvidia and to be coming through for the First Quarter and forecasts around the Second Quarter propelling the momentum in europ
Stronger u. S. Dollar. You can see that here at the bloomberg u. S. Dollar index up over 12. 75 and dime excreted gaining . 65 per barrel, currently at 84. 40. All three of these things here are bad for this thing here and that is why you see stocks dropping. Abigail doolittle is here with a look at the earnings so far and we have had and still have a ton of earnings to come. Abigail, 40 of the s p 500 reporting this week. 15. 8 trillion of market cap recorded. You did a great breakdown of the macro pressures for the s p 500, nasdaq 100. Here are the micro pressures and we have a tale of two stories in the cloud. Microsoft of 2. 7 up to. 7 on strong cloud corner, revenue over of 13 , betterthanexpected. Back in the team growth area. Their cloud is much better, up 29 and above the three preceding quarters, even though it did not top yearoveryear growth estimate. Take a look at google or alphabet, down 8. 9 , between its worst day from last year and march of 2020. That is the degree of s
Bloomberg, im Tom Mackenzie. Asia has struggles after the s p hits another record. European futures are flat. In the u. K. , crucial data is due , Andrew Bailey expects quite a drop as the Central Bank Ways weather to cut rates. The next move will be a cut. The question is how long we have to maintain this level of restriction. Tom divergence grows and fed officials reaffirm the higher for longer approach. Christine lagarde says there is a strong likelihood of a cut. Lets check in on these markets. The fed reiterating higher for longer. European futures are flat, s p notching the 24th record high this year by the end of the close yesterday. And the volatility in focus ahead of an nvidia earnings with market suggesting 8 moves depending on what comes through from the maker of Semi Conductors. European futures with modest gains. Ftse 100 adding 12 points. S p unchanged, nasdaq pushed higher, 18,000, a modest gain. It will be sensitive to earnings. The pound is in focus. Headline around 2
Six basis points to 4. 9222. We do see the bloomberg dollar index down about zero point 1271 or 1272. Crude is down, to 89. 13. A down day to end the week. Jon staying on that theme, this general oil story has taken a bite out of a number of sector stocks, including the airlines, which are having their tough instructions 2021. We have seen some carriers talk about cautious outlooks in part because of jet fuel prices and names like american. The profit outlook from hewlettpackard enterprise is not inspiring investors. That name is down 5. 5 percent at this hour. Lets continue to track what is happening in the auto sector. We have headlines around General Motors. It has seen the most substantial uaw offer today. Where you could potentially see the majority of workers getting more than 40 per hour. We have to continue to see how things play out. A mixed performance right now. Stellantis is down. Gm is up zero point 1. 6 . Matt uaw is negotiating into each company has its own story. David