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Gold prices selloff, as the U.S. GDP growth exceeds expectations
Gold prices fell to a 2-week low on Thursday, as investors chose to move away from the safe haven asset in the aftermath of yesterday’s FOMC meeting.
Wednesday’s Fed decision was followed by data today which showed that GDP in the United States had grown by more than expected.
source: tradingeconomics.com
Figures from the Commerce Department showed that Q4 GDP rose by 6.9%, versus expectations for a 5.5% increase.
Many believe that this was one of the reasons why Chair Powell and the Fed opted to keep rates unchanged, laying the foundation for a March hike instead.
XAUUSD fell to an intraday low of $1,791 on the news.
NASDAQ, S&P 500 lower, despite strong Tesla earnings
U.S. indices were lower in today’s session, as shares in Tesla fell, despite the company reporting strong Q4 earnings.
The company founded by Elon Musk, held its quarterly earnings call after Wednesday’s closing bell, with both earnings and revenue exceeding forecasts.
Tesla reported earnings of $2.54 per share, which came on revenue of $17.72 billion for the quarter.
Wednesday’s results were better than the expected earnings of $2.25 per share, and revenue growth of $16.88 billion.
$TSLA was down almost 10% as of writing over concerns with new product launches and other guidance. The NASDAQ and S&P 500 were both trading in the red.
| 💡 Elon’s Tesla robot promise Elon Musk’s statements over focusing on a Tesla robot rather than new car models were enough to cause worry. Elon first teased the robot in August. The question remains, is this one of Elon’s promises to turn heads and make headlines? or a vow that he plans on fulfilling? |
Apple stock flat ahead of Q4 results
Shares of Apple were trading slightly lower today, with traders waiting for the company to announce its quarterly earnings results.
Apple is expected to hold its earnings call after today’s closing bell, with pressure on the tech giant to report strong figures.
| 💡 Apple’s iPhone is back on top Apple regained enough market share (23%) in China to make it the country’s top selling smart phone brand for the last quarter of 2021, and once again, the world’s. However, it must be noted that smartphone sales in China decreased YoY 9%. The iPhone 13’s popularity thrusted Apple to the most popular brand position once again. Samsung is hoping to heat up competition with next month’s smartphone release |
Markets expect the company to announce earnings of $1.89 per share, with revenue coming in at $118.68 billion.
Apple has seen its share price fall by as much as $30 so far this year, moving from a $183 to start the year, to now trading just above a support level of $158.
$AAPL was $159.48 0.13% lower as of writing.
“A handful of men have become very rich by paying attention to details that most others ignored.”
-Henry Ford.
