Wednesday Market Update – Apple (NASDAQ:AAPL)
Good Morning Everyone!
Eggs prices in the U.S. are down 50% since peaking in December 2022.
Prices as of 4 pm EST, 2/7/23; % YTD
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%
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
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
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