In Big-Tech we trust

Earnings reports boost US equities

US stocks are rising higher after stellar earnings reports from Big-Tech, a steady FOMC meeting, and no immediate impact from President Biden’s tax plan that will now go through several rounds of negotiations.  Except for Amazon, who will report after the bell, the key earnings results are in and have mostly impressed.  After the open, stocks pared gains as the rise in Treasury yields steepened.  Markets are expecting a wave of amazing US data, with improving PMI readings and another near-1 million job growth employment report.


Apple’s results were too good.  Apple shares rose after delivering double-digit growth in every category, boosting the buyback program, and increasing their dividend.   Apple is another chip shortage victim and will see supply issues impact June results by USD3-4 billion.  The COVID-19 pandemic, a key upgrade cycle, and the new iPhone 12 have sparked tremendous sales, but that trend will struggle to continue over the next couple of quarters.  Apple continues to make progress in diversifying its revenue streams and the potential with their services businesses is exciting many analysts.  Apple should see a steady wave of analysts upgrading their price targets.


Wall Street is starting to be more critical of President Biden’s infrastructure plan and American Family Plan.  The next few months will see a wide range of changes to both plans.  The corporate tax rate will likely settle at around 25%, which is the rate conservative Democratic Senator Manchin is comfortable with.  Multinational companies will likely suffer the most as Biden will bring the tax impact to a worldwide basis.  The debate will intensify now over Biden’s proposals, but you can already see that the market is pricing in that something will get finalized later this year.

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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.