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Big Tech, Big Disappointment

31 Oct 20227 хвилин
Big Tech, Big Disappointment

It was all about Big Tech earnings this week, with Microsoft, Alphabet, Meta, Apple, and Amazon all providing updates. But whether it was their performance last quarter or their near-term outlooks, virtually all of them disappointed investors in one way or another, undermining bets that this year’s stock market selloff was over. On the macro front, the European Central Bank (ECB) delivered another jumbo rate hike and new data showed the US economy grew more than expected last quarter. Finally, global inventories of copper have slumped this year to alarmingly low levels. Find out what that means in this week’s review.