Beat the street: Amazon; Coca-Cola; PayPal; Microsoft; Fed alert
Amazon’s outlook on AI and the cloud likely to determine how investors react to its earnings. Coca-Cola raises its annual sales forecast. PayPal hikes its profit forecast for 2024.
Microsoft bets $1.7 billion in cloud and AI in Indonesia. Plus, traders eye comments from Fed chair Jerome Powell as the FOMC kicks off its two-day meeting.
(AI Video Summary)
Investors eye Amazon's earnings report and AI involvement
In the latest financial market update, attention is centered on Amazon's forthcoming earnings report, with investors keen on AI and cost-cutting measures. Microsoft's substantial $1.7 billion investment in Indonesia's cloud and AI sectors and the Fed's meeting, with no rate changes anticipated but the market is eyeing a potential 35 basis point cut by year-end, are also in focus.
Latest earnings season hits and misses
Tech stocks, especially NASDAQ, show resilience amidst earnings season, while Eli Lilly sees a surge in share value due to high demand for its obesity drugs. PayPal and Coca-Cola posted strong financial results, indicating robust consumer health and spending. However, McDonald's reported missed sales and profit estimates, reflecting challenges in the food and beverage sector. The market is generally cautious, awaiting Federal Reserve Chairman Jerome Powell's speech and further corporate earnings to gauge market direction.
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