US stock markets all approach all-time highs again on Thursday as earnings season continues to confirm the health of the corporate economy, ultimately being supported by a deleveraged global consumer.
Ford (NYSE: F) and Tesla (NASDAQ: TSLA) were among the biggest contributors to a rally in consumer stocks after the former upgraded guidance.
The Nasdaq continues to lead, adding 1.4% as Facebook (NASDAQ: FB) jumped 1.5% after announcing the decision to change the parent company’s name to Meta in a reference to the metaverse; its next sector of growth.
The S&P 500 and Dow Jones were 1.0% and 0.7% higher, respectively, after initial estimates showed GDP grew at an annual rate of just 2% in the quarter, well below forecasts. The ECB kept rates and bond-buying on hold at current levels.
Ford upgrades outlook
Ford shares gained over 8% after the company upgraded guidance for the financial year despite reporting vehicle sales were down nearly 18% on the prior year.
The dividend was reinstated and markets took heart from confirmation that the chip shortage may be slowing.
Amazon & Apple earnings ahead
Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) stock will be on watch after both tech giants released quarterly reports after the market closed.
Amazon missed estimates for both earnings and revenue, and the forecast heading into the holiday season was weaker than expected.
Meanwhile, Apple missed sales expectations as supply chain issues cost the company US$6 billion during the quarter. Both stocks are down around 3% after hours.
US stock market movers
Here’s how other popular US stocks performed on Thursday.
- Ford (NSYE: F) up 8.7%
- Affirm (NASDAQ: AFRM) up 7.1%
- Shopify (NYSE: SHOP) up 7.0%
- Visa (NSYE: V) down 2.8%
- eBay (NASDAQ: EBAY) down 6.8%
- Twilio (NYSE: TWLO) down 17.6%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow this positive lead from US markets to open higher on Friday. For a round-up of the latest news, check out my ASX 200 morning report.
