SURPRISE BEATS: Expectations were set low heading into earnings season. And so far, companies have matched or beat those lowered expectations for the most part. Amazon.com Inc (NASDAQ: NASDAQ:AMZN) and Apple Inc (NASDAQ: NASDAQ:AAPL) both released earnings after the close Thursday and both beat on top and bottom line.
Amazon’s earnings were especially strong, and the stock reacted accordingly, trading up 12% after hours.
Apple’s beat was slightly more subdued, and the stock is up 3%. Still, those two stocks together make up nearly 20% of the Nasdaq 100, and as a result the Nasdaq 100 is trading higher by about 1% heading into the open.
Earnings reports are not the only numbers investors are looking at today. There is still more economic data to be digested. At 8:30 am ET we will get the PCE Inflation Index, the go-to measure of inflation for the Federal Reserve.
If the PCE number is higher than expected — a 0.5% increase for the core PCE — look for the market to give up some gains. But if that number is lower than expected, the indexes could take off. On top of PCE, we will also get real disposable income, real consumer spending, the University of Michigan Sentiment Index and more today.
Bitcoin dipped below the $24,000 level overnight after reaching highs of about $24,300. The world’s largest cryptocurrency has made up some ground throughout the last week or so, trading higher by nearly 5%.
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