Wednesday Market Update – Apple (NASDAQ:AAPL)

Good Morning Everyone!

Eggs prices in the U.S. are down 50% since peaking in December 2022.

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Prices as of 4 pm EST, 2/7/23; % YTD

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MARKET UPDATE

Jay Powell

• Goods inflation coming down with shortages and supply chains easing

• Focus shifting to ‘super-core services inflation’, basically services inflation less housing

• That metric tends to have a high influence from wages

• With the strong employment Report we just saw, this has to be a concern for Powell

Market reaction to Powell

• Stocks down then up, 2% swing

• Bond yields up but back down this morning

Next two Fed meetings

Crude $78 +1%

Microsoft MSFT

Google GOOGL

Apple AAPL

Autos

 

Earnings

• Vertex VTNR flat Q4 inline revenues

• Chipotle CMG -5% top and bottom line miss, delivery down 15%

• Fortinet FTNT +14% Q4 better than expected, guide also better

• Prudential PRU +1% miss in the qtr, buyback below street

• CVS Health CVS +2% Quarter was fine but focus on the deal with Oak Street Health

• Uber UBER +7% Q4 in-line, guide is better than feared

• Emerson EMR -3% revenues inline, EPS below street

CRYPTO UPDATE

AI-focused crypto

Death cross

• Bitcoin’s BTC/USD weekly 50MA has never crossed below 200MA (ever)

• Looks unlikely to stay that way

• Bitcoin just saw “golden cross” on daily chart