Microsoft Earnings Impact Tech Stocks| Morning Express | 1/25/2023

Posted: Jan. 25, 2023, 9:35 a.m.

Bill Baruch will be joining the CNBC Halftime Report today, in studio, at 11:00 am CT. 

  • Microsoft earnings moving the tape. Company reported lukewarm headline numbers topping adjusted EPS at $2.32 versus $2.30 but missed on Revenues $52.7B versus $53.12B. It was Azure growth at 31% that boosted the stock immediately by more than 4% afterhours. However, the company did not report guidance, but on the call said Azure growth will decelerate by 4-5% in the coming quarter. This set off an immediate slide that impacted all tech stocks, especially those with SaaS exposure.
  • Earnings will continue to be the main focus, and Tesla will be front and center after the bell.
    • ASML, the Dutch chipmaker, topped EPS this morning, but missed Revenues, and is down by nearly 2%. It sees growth remaining steady, but there are economic concerns and those related to China restrictions
    • AT&T beat bottom, but missed top-line estimates. The stock is higher by 2% on strong subscriber growth.
    • ABT, NEE, BA, IBM, and FCX are still to report ahead of the open.
    • TSLA, NOW, CSX, LRCX, NSC, and more are due after the bell.
  • The Bank of Canada announces a policy decision at 9:00 am CT.
  • Weekly EIA inventory data is due at 9:30 am CT, expectations are for +0.97 mb Crude, +1.767 mb Gasoline, and -1.121 mb Distillates. Watch Cushing inventories, which have increased five of the last six weeks, and SPR release after last week showed none.

 

 

Do not miss our daily Midday Market Minute, from yesterday.

 

E-mini S&P (March) / NQ (March)

 

S&P, yesterday’s close: Settled at 4032.75, down 3.75

NQ, yesterday’s close: Settled at 11,909.50, down 24.50

  • Cautiously bearish in Bias while holding below 4015.75-4020, while acknowledging a close above 4030-4035 could spark the next bull leg higher.
  • Similarly for the NQ, hold below 11,832-11,869, but need bearish confirmation with close below major three-star support at 11,713-11,759, while a close above 12,010-12,069 is very bullish.

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NQ (March)

 

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