Microsoft shares fell about 1%, erasing their earlier gains in the after-hours session after the tech giant’s earnings report. Shares initially rose when the company beat earnings expectations, but rallied after the company’s disappointing forward guidance. , Microsoft’s business declined at the end of 2022 in the core areas of Windows and Office, CEO Satya Nadella said during an earnings call. Market participants await the results of major companies as concerns about the recession persist. More than 70 SandP 500 companies have reported quarterly earnings so far, and about 65% of them beat expectations, according to Refinitiv. “With most earnings still in the market, the question of whether the shift to growth indicated by recent rallies is justified can be answered with earnings surprises and solid guidance,” said global head Quincy Krosby. Strategist at LPL Financial. Boeing, IBM and AT&T are some of the companies expected to report their quarterly results on Wednesday. Electric vehicle maker Tesla also reported earnings after the market closed on Wednesday. The company is expected to post earnings per share of $1.1 on revenue of $2 .22 billion, compared with 85 cents on revenue of $17.72 billion in the prior year. , Tesla shares are down more than 50% in 2022, while they are up about 1 % this year. In their recent auto shipment report, they reported a record 1.3 million vehicles, but less than many analysts expected. Tesla also recently announced prices of some of its models. In the U.S. market at , , major U.S. futures were slightly lower in the early session on Wednesday, with Dow Jones Industrial Average futures down about 79 points, Nasdaq 100 futures about 0.65% and SandP 500 futures down 0. %. Oil prices were slightly higher on Wednesday morning as China’s recovery in energy demand and possible continued output cuts by major oil producers offset concerns about a possible recession. Brent crude rose about 17 cents to trade near $86.30 a barrel by 07 0 GMT, after a 2.3% drop in the previous session. US West Texas Intermediate (WTI) crude gained 13 cents to settle near $80.26 a barrel after rising 1.8 percent on Tuesday. “Expectations of a recovery in China’s fuel demand in the second half of the year are rising and are likely to support market sentiment,” said Hiroyuki Kikukawa, head of research at Nissan Securities. Bank of America Securities analysts estimate that China’s economic recovery could increase demand over the next 18 months. On the supply side, volumes are expected to remain stable in the medium term, as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the OPEC group, are expected to maintain their production quotas. OPEC’s , -member governing body is likely to uphold the producer group’s current oil production policy at its meeting next week, as optimism over growing Chinese demand offset concerns about inflation and the state of the global economy, according to OPEC comments on Tuesday. economy OPEC decided in October to cut production by 2 million barrels per day from November to 2023, based on a softer economic forecast. The currency market is focused on the Bank of Canada interest rate, where the central bank’s interest rates are expected to increase by 25 basis points. The Australian dollar traded near a five-month high of , on Wednesday after higher-than-expected inflation data, while the New Zealand dollar fell after New Zealand’s fourth-quarter inflation rose less than expected. , The euro was at a nine-month high against the US dollar around $1.0927 as economic data from the euro zone and hostile members of the European Central Bank supported the euro better than expected.
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