Weekly Summary: Earnings from Meta, Apple, Google and Amazon

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Weekly stock market analysis – Macroeconomic updates, Interest Rate Hike & Inflation, earnings data for Meta, Apple, Google, Amazon and more.

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โฌ‡๏ธ Timestamps:
0:00 โ†’ Economic Updates
2:49 โ†’ Interest Rate Hike & Inflation
6:07 โ†’ Earnings: Meta (META)
7:38 โ†’ Earnings: Apple (AAPL)
10:07 โ†’ Earnings: Google (GOOG)
11:39 โ†’ Earnings: Amazon (AMZN)
13:23 โ†’ Upcoming Important Dates

The Federal Reserve raised its benchmark interest rate by a 0.25%, which takes it to a target range of 4.5%-4.75% and gave little indication it is nearing the end of this hiking cycle. The Fed is targeting the hikes to bring down inflation that, despite recent signs of slowing, is still running near its highest level since the early 1980s.

Meta shares surged last week after they reported revenues above analystsโ€™ expectations and detailed a $40 billion stock buyback plan. Mark Zuckerberg touted 2023 being the โ€œyear of efficiencyโ€ and that reassured investors that Big Tech companies, which have announced a string of layoffs recently, are serious about rethinking their spending priorities in an uncertain economy.

Technology giants Apple, Amazon and Alphabet (Google) posted earnings results that show an economic slowdown is throttling demand for everything from electronics and e-commerce to cloud computing and digital advertising. The tech industry is facing a harsh new reality after the flush years of the pandemic, during which electronics flew off the shelves and demand surged for more computing storage as people worked and went to school at home. Now, with the US Federal Reserve steadily raising interest rates to control inflation, combined with slowing economic growth, consumers and business are tapping the brakes.

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