News

Published: Feb 3, 2023
Updated: Feb 3, 2023

Global Market Recap: Stocks Rally with Mixed Results

Nasdaq Surges on Facebook Announcement

The Nasdaq experienced a 3% surge, with Facebook (Meta) leading the way. The social media giant announced a $40 billion share buyback, which led to a 23% jump in its stock, the biggest since 2013.

Apple & Amazon Report Disappointing Results

However, not all tech companies saw the same success. Apple reported a steeper sales decline than expected, while Amazon projected lacklustre revenue for the current quarter. Additionally, Google shares slipped after Q4 results narrowly missed analysts' expectations.

Positive Economic News for Housing and OPEC

There was also positive economic news for housing, as US 30-year fixed home loan rates hit a five-month low. Meanwhile, OPEC+ agreed to maintain output levels as they wait for more data from China.

Central Banks Hike Rates

In monetary policy news, the Bank of England hiked rates by 50 basis points to 4%, but signalled  that there won't be any further hikes. The European Central Bank also hiked rates by 50 basis points, but committed to another hike in March.

Overall, the market saw mixed results with some companies experiencing gains while others saw losses. Despite this, there were positive developments in the housing market and the stability in oil production. Central banks also continued their trend of gradually raising interest rates