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Today in the Market (4/27/2023)

Good Evening! Despite the release of cooler-than-anticipated economic data, stocks rose on Thursday as earnings results like Meta (META) added to this week of tech earnings!

The S&P 500 surged by 1.96%, while the Dow Jones rose by 1.57%. However, The Nasdaq Composite saw most of the action with an increase of 2.43%!

GREEN ALL AROUND

You guessed it, more earnings! Today we look into Amazon’s (AMZN) first-quarter reports! The retail juggernaut exceeded expectations sending shares up during and after trading hours! Let’s see those numbers!

  • Revenue: $127.36 Billion vs. $124.7 Billion Expected
  • AWS Revenue: $21.35 Billion vs. $21.03 Billion Expected
  • Earnings Per Share: $0.31 vs. $0.20 Expected

Let’s talk cost. The earnings presented by Amazon indicate that the company’s attempts to reduce expenses are beginning to show! This quarter witnessed a rise of 8.7% in operating expenses, which has been the least rapid rate observed in the past 10 years! On top of that, the North American segment of Amazon achieved profitability on an operating basis, making this the first instance since late 2021!

Going forward… Amazon has forecasted a revenue range of $127 Billion to $133 Billion for the ongoing fiscal quarter concluding in June. Also, Amazon anticipates an operating profit of $2 Billion to $5.5 Billion, and both results were consistent with the projected estimates.

THE NUMBERS ARE IN!

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The numbers are in! The economic growth of the U.S. in the first quarter of 2023 was slower than anticipated. Thus leading to additional indications of a deceleration in the economy amidst concerns of a recession and the Federal Reserve’s consideration of further interest rate hikes. 

So what were the numbers? According to The Bureau of Economic Analysis‘ advance estimates, GDP grew at an annualized rate of 1.1%, which was slower than the consensus forecasts. According to a survey conducted by Bloomberg, economists projected a 1.9% annualized growth rate.

What’s the reasoning? The quarterly slowdown was attributed by the Bureau of Economic Analysis to wholesale trade (for machinery, equipment, and supplies), and manufacturing. That’s not all, a decrease in single-family construction also added to the slowdown.

There is still growth! The positive annualized growth for the quarter was maintained by the expansion of consumer spending on goods and services! The expenditure on goods was primarily driven by motor vehicles and parts, whereas healthcare, food services, and accommodations were the leading service sectors.

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