Today in the Market (2/2/2023)

Good Evening! U.S. equities closed mixed Thursday, led by a surge in tech companies in the aftermath of the Federal Reserve’s latest interest rate rise and ahead of another round of results from the industry’s major players.

At the closing, the Nasdaq Composite was up 3.25%. The S&P 500 gained 1.47%, while the Dow Jones fell 0.11%.


Apple (AAPL) published its first-quarter profits after the closing bell, falling short of analysts’ estimates on both the top and bottom lines, as iPhone sales fell short, down more than 8% year on year.

  • Revenue: $117.1 Billion vs. $121.1 Billion expected
  • iPhone Sales: $65.7 Billion vs. $68.3 Billion expected
  • Services: $20.7 Billion vs. $20.4 Billion expected
  • Earnings Per Share: $1.88  vs. $1.94  expected

But it hasn’t been without problems. Throughout November and December, Apple faced considerable headwinds from COVID lockdowns and worker demonstrations at Foxconn’s Zhengzhou, China, factory. The 200,000-person facility manufactures the majority of Apple’s iPhone 14 Pro and iPhone 14 Pro Max devices.

However, Apple stands out from the rest of the Major Tech Firms… Despite the possibility of slower sales, Apple has avoided large-scale layoffs, unlike competitors such as Microsoft, Google, and Amazon.


Carvana (CVNA) finished 5% higher after surging 33% on Thursday. The used automobile platform’s stock has risen 111% in the preceding five sessions. We are only in the second month of the year and yet the stock is up 200% year to date.

What is the explanation behind this? Speculative growth names, particularly those that are widely shorted, have taken off this year. According to S3 Partners data, Carvana’s short interest is about 67% of the float.

However, Ernie Garcia, Carvana founder and CEO in the company’s last quarterly release believes otherwise by saying “This economic environment remains uncertain, but we are focused squarely on the goal of driving the business to profitability.

It could be both, but one thing is for sure… The firm, which was once a global darling, fired off staff last year to decrease expenses and conserve cash. On top of that, the used automobile market, which had record-high inflation in 2022, has witnessed a downturn in demand as interest rates rise. 

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