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MarketBitesđź’¸: Fourth Quarter GDP Improves

 

 

Welcome to MarketBites! Here's all you need to know about yesterday's market news.

 

“There’s no such thing as failure, only results." 

- Tony Robbins

MARKET PERFORMANCE

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PORTFOLIO MANAGER COMMENTARY

U.S. markets rose yesterday after more corporate earnings were released and fourth-quarter GDP came in above expectations. The earnings released yesterday continued to show mixed results. Tesla came in with strong results and gained 11% which gave the Nasdaq index and other EV stocks a boost. Some beaten-up tech giants such as Microsoft, Nvidia, Amazon and Alphabet also gained. IBM fell about 4.5% despite a revenue beat. 

 

Airline earnings rolled out Thursday, with Southwest falling 3% on a larger-than-expected loss fueled by its holiday meltdown. American Airlines rose 2.2% following a fourth-quarter beat. United and Delta also moved lower. Elsewhere, Chevron added nearly 5% after announcing a $75 billion share repurchasing program

 

Focus now shifts to next week’s Fed meeting, where the central bank is widely expected to announce a 25 basis point increase as it battles high inflation. Investors will be on the lookout for clue into how much higher the Fed intends to hike before it cuts rates.

 

CHART OF THE DAY

The U.S. GDP rose 2.9% in the fourth quarter of 2022 amid high inflation and rising interest rates. The fourth quarter rise reflects a return to a more normal pace of growth. Consumers, the economy’s main engine, spent at a solid but slower pace last quarter of 2.1%. Business investment ticked up at a weaker rate of 0.7%, as companies cut back on equipment spending. The housing market continued to slump.

GDP Change

 

WHAT ELSE IS HAPPENING

  • Corporate layoffs spread beyond high-growth tech giants - read here
  • Audi's new EV is a luxury SUV with augmented reality that doubles as a pickup - read here
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