After witnessing a volatile week where major U.S. indices closed over 2% higher, market participants are keenly watching out for the U.S. Federal Reserve’s policy decision due this week.
The core personal consumption expenditures price index has risen 0.5% from the previous month and 5.1% from a year ago. Although this is still on the higher side, the figures have come in line with expectations, giving some relief to the markets in the hope that the central bank will reduce its pace of rate hikes going forward. Here’s a look at five stocks that traders are keeping an eye on ahead of the new week.
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1. Apple Inc AAPL: Workers are reportedly fleeing Apple’s largest iPhone assembly plant in China to avoid COVID-19 restrictions. According to BBC News, a video shared online shows 10 people scaling a fence outside the Foxconn Technology Co Ltd FXCOF-owned plant in Zhengzhou. Last week, Apple reported fourth-quarter EPS of $1.29 per share, exceeding the consensus estimate of $1.27. Its revenues rose 8% year-over-year from $83.36 billion to $90.1 billion.
2. Amazon.com, Inc AMZN: Amazon reported a 15% year-over-year jump in its third-quarter revenue of $127.1 billion, coming in shy of Wall Street’s estimated $127.84 billion. However, shares of the retail giant closed 6.8% down on Friday after it reported weak guidance on its holiday-quarter sales. Amazon’s market cap briefly fell below the $1 trillion level during Friday’s rout.
3. Intel Corporation INTC: Despite reporting a 20% year-over-year fall in its third-quarter revenue at $15.3 billion, Intel reported a stronger-than-expected performance in its personal computers segment, following which shares of the chip-maker closed over 10% higher on Friday. The company has revised its full-year revenue guidance to $63-64 billion, as compared to the earlier guidance of $65-68 billion. Intel has also reportedly confirmed during its conference call that it will lay off staff to reduce spending.
4. Advanced Micro Devices, Inc. AMD: AMD is set to release its earnings on Tuesday. Wall Street forecasts revenue of $5.6 billion during the third quarter, according to Benzinga Pro. Shares of the chip-maker closed over 5% higher on Friday following an upbeat performance by rival Intel’s share.
5. Tesla Inc TSLA: Elon Musk has asked Tesla engineers to meet with product leaders at Twitter Inc TWTR, according to Bloomberg. The report further stated that product leaders showed the company’s code to Tesla engineers so that they could assess and explain to Musk what the company needs.
Image and article originally from www.benzinga.com. Read the original article here.