LOUD NOISES! Couldn’t we spread things out a bit? FOMC and Tech CEOs on the BBQ yesterday (oh they sure got grilled! Think they slept ok) that led into a potpourri of earnings last night and this morning, with a delectable dessert awaiting post the bell today with Apple, Alphabet, Facebook and Amazon set to report. (A group that testifies together, reports together?) Net-net, there’s a lot going on and while futures and action in Europe suggested today would be an ugly one, that’s not the case as things currently stand. Powell held the line while the earnings narrative has stayed consistent. That being an average EPS beat rate of around 15% with reports of improvement, although some talk of plateauing in July could be cause for concern. Semis specifically strong (making ATHs), Lam Research and Qualcomm posting reports last night that read well, especially the latter’s unexpected licensing deal with Huawei. People haven’t been going to stores that much and so they need stuff delivered – UPS followed FedEx’s lead last month with blowout figures.
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