Consumer strength helps quell market jitters over financial conditions
The Nasdaq 100 Index is getting a fresh jolt from Big Tech earnings, with a 2023 gain tripling the S&P 500’s rally.
Photographer: Angus Mordant/BloombergLisa Abramowicz
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An odd thing happened on the way to recession: Consumers kept spending, even beyond corporate executives' hopes, and Big Tech reignited faith in earnings beating Wall Street’s expectations.
Meta Platforms punctuated this theme. For now, Corporate America’s profit growth, especially in Big Tech, is giving the stock market the confidence to run higher and keeping jitters about First Republic and regional banks at bay.
Surveillance guests marveled at the strength of the US economy in the face of a slowdown that is, as Crossmark’s Bob Doll put it, “the most anticipated one we know in history.”
