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Tech Continues to Dominate Earnings; Amazon delivers, while Intel disappoints after the close

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The Nasdaq closed 0.2% higher at 8,118 as tech earnings continue to impress.  Riding momentum from yesterday’s results from Microsoft and Facebook, we could see investors reallocate positions back into volatile sector. After being heavily beaten down in December, technology shares have outperformed in 2019, with tech stocks leading the way higher in the S&P 500 with a 27.2% gain.

After-hours earnings results came in for both Amazon and Intel.  Amazon trading remains volatile after the company’s earnings beat and in-line revenue, but the guidance was nothing special.  Shares for the online giant initially surged higher towards $1,970 before settling back around $1,915.

Intel shares got punished, down over 6% after slashing full year guidance. The computer chip maker’s report was downright ugly with a miss on revenue, declining gross margins and comments.  CEO Bob Swan noted, “we’re taking a more cautious view of the year, although we expect market conditions to improve in the second half.”

While Intel is the first real bad tech earnings report, overall the technology sector results have been pretty positive and outlooks more encouraging than initially thought.  We may not see negative earnings growth this quarter and if that is the case, tech may still be the biggest beneficiary.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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