Apple, Google and Amazon stock are rising and people are wondering why
Published on Feb 03, 2023 at 4:34 AM (UTC-5)
by Alessandro Renesis
Last updated on Feb 03, 2023 at 4:35 AM (UTC-5)
Edited by
Alessandro Renesis
A bit of a head-scratching moment in the stock market as Apple stock, Google stock and Amazon stock all jumped overnight.
Meta (Facebook), Tesla and Coinbase are also on the rise.
And investors aren’t entirely sure why.
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On the face of it, not much has changed.
The stock market famously doesn’t like it when the Federal Reserve adjusts rates and Jerome Powell, the man at the wheel, has hinted more rate hikes may come.
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Even Meta shares rocketed 23 percent despite missing earnings expectations.
Zuckerberg’s company was projecting $2.26 EPS (Earnings Per Share) but actually only hit $1.76 EPS.
That’s the same as a car hitting 250 km/h when the manufacturer said it could do 300.
Mind you, the proof may be in the pudding here.
First and foremost, tech stocks and crypto tend to go hand in hand and the crypto market has been recovering big time over the last two weeks.
In addition to that, Coinbase shares went up after a federal judge dismissed a class-action lawsuit against the crypto exchange.
For the record, Coinbase is the only prominent crypto exchange that’s also a public company.
Secondly, the stock market mantra is ‘buy the rumor, sell the news’ and rumor has it the Fed might actually ease up on interest rate hikes despite what its chairman has said.
Moreoever, the aforementioned companies made moves and announcements that investors apparently deemed promising.
Tesla, for example, drastically slashed new car prices just a few days ago.
Buyers may end up saving a whopping $13,000 on a brand new Tesla Model Y once you factor in new pricing and new Federal tax cuts on EVs.
As for the crypto market, the FTX fiasco has been priced in by the market and ‘digested’ by investors.
Crypto ‘bros’ feel like the chips may have already fallen and even though there was significant damage, there’s a widespread feeling that the worst may be behind us.
Alessandro is an automotive journalist with 10 years of experience covering supercars, automotive history, emerging vehicle technology, and luxury transportation. He wrote the first article published on SupercarBlondie.com when the website launched in 2022 and has since built a reputation for insightful reporting across the automotive and transportation industries. His expertise is grounded in hands-on experience. Alessandro has driven every Tesla model ever produced, from the original Roadster to the Cybertruck, and regularly covers the latest developments in electric vehicles and automotive innovation. His passion for transportation extends beyond cars, he has even flown a Boeing 787 Dreamliner simulator in Addis Ababa, Ethiopia. His reporting spans everything from classic American muscle cars and rare automotive discoveries to luxury yachts, private aircraft, high-end watches, and cutting-edge vehicle technology. Known for his deep knowledge of automotive history and ability to uncover the stories behind iconic vehicles, Alessandro brings readers a blend of historical context, technical expertise, and first-hand experience.
