Stocks fight back, Wall Street digest tech earnings, bitcoin rebounds

US stocks attempted to rebound following strong results from Microsoft and optimism that most corporate balance sheets are still strong. ​ Alphabet disappointed with both the top and bottom line as YouTube revenue came in sharply lower than expectations. ​ Texas Instruments shares were lower after delivering a cautious outlook due to the effects from China’s COVID lockdowns. ​

It looks like Wall Street thinks the tech-selloff has been overdone despite both concerns over a hawkish Fed and uncertainty with Chinese growth. Most traders have a cautious outlook for the next couple of quarters, but a lot of these tech trades are too heavily discounted. ​


King Dollar is not ready to give up its crown anytime soon after the German consumer confidence falls to a record low and on expectations the interest rate differential will only become wider between euro and the dollar. Europe’s largest economy is struggling with high inflation and uncertainty with energy prices as the war in Ukraine shows no end in sight. ​


Bitcoin is benefitting from the all tech-led rebound in stocks. ​ Bitcoin’s rebound is somewhat muted and capped below the USD 40,000 level given the strong dollar. If risk appetite remains strong on Wall Street, bitcoin could continue to rally, if earnings continue to impress, but shortly after Thursday’s mega-cap tech earnings, markets may enter a trading range until next week’s FOMC decision. ​ ​ ​ ​

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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, 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.