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Market Update: Indices
Stocks trying to contain the downside after NAS100 ran into a wall around 30K (double top) and US500 failed to reach 7800
Now dependent on NAS100 holding 29132 and/or US500 staying above 7700 (low 7692) to restore a bid and 7655 to keep the downside in check.
Next up: Focus on a slew of earnings with a key focus on Amazon.
EURUSD 4 HOUR: Waiting for the ECB
Bounce from a double bottom (1.1113) and higher low not going far enough to break the downside risk. For that to happen, 1.,1195 would need to be taken out.
This keeps EURUSD on the defensive (while below 1.1150) but consolidating ahead of the ECB meeting where the surprise would be a rate hike.
Note for US traders: ECB decision is due at 9:15 EDT, one hour later than usual as US clocks do not due fall back until Sunday
ECB President Lagarde announces she will step down after the February 2027 meeting.
Forex Market Snapshot
The dollar is trading on the firm side after selling following the FOMC saw limited follow through., CHF and JPY lagging as US yields dip along with softer crude oik prices.
- EURUSD:: On the defensive (while below 1.1150) ahead of the ECB decision.
- USDJPY: Bounce off a 157.60 low keeps 158 pivotal amid defense ahead of Friday’s BoJ meeting.
- GBPUSD: Clinging to a bid above 1.33 after a stop run below yesterday failed to follow through.
- USDCAD:: Back to unchanged as focus stays on pivotal 1.40 to set its tone after a bounce from just above its 1.3968 low (near double bottom)
- AUDUSD; Still bid above .7000 but again struggled to hold above .7050
2 CB meetings down, 2 more to go this week. Next up: ECB Policy Announcement on Thursday
Alphabet Misses Earnings and Revenue Estimates Despite Cloud Strength
Alphabet (GOOGL) reported third-quarter 2026 earnings of $2.12 per share, below the $3.03 forecast. Revenue totaled $127.6 billion, slightly short of expectations for $127.91 billion. Operating income came in at $40.58 billion, missing the projected $43.16 billion. Google Services revenue of $96.30 billion also fell below the $98.4 billion estimate, while Google Search and other revenue reached $63.35 billion versus expectations of $64.85 billion.
Microsoft Tops Earnings and Revenue Forecasts in Fiscal Q1
Microsoft (MSFT) reported fiscal first-quarter 2027 earnings of $4.92 per share, exceeding expectations of $4.72. Revenue reached $92.3 billion, beating the $90.6 billion forecast. Operating income also came in above estimates at $45.9 billion, compared with expectations of $44.1 billion. Net income totaled $36.6 billion, surpassing the projected $35.1 billion. The results put Microsoft ahead of forecasts across all four reported measures, with revenue exceeding expectations by $1.7 billion and earnings per share beating estimates by 20 cents.
