Shares of software giant Microsoft (NASDAQ: MSFT) jumped more than 6% in extended trading on Tuesday after the company reported better-than-expected last quarter earnings results on Tuesday, after the market close. The strong last quarter financial results were driven by demand for cloud computing services.
The company reported revenue of $49.36 billion in the third quarter, compared with $41.7 billion a year earlier. $MSFT expects to report revenue between $52.4 billion and $53.2 billion in the fiscal fourth quarter. Moving ahead, Meta, Apple and Amazon are among the big tech companies reporting their numbers later this week.
“Continued customer commitment to our cloud platform and strong sales execution drove better than expected commercial bookings growth of 28% and Microsoft Cloud revenue of $23.4 billion, up 32% year over year,” said Executive Vice President and Chief Financial Officer of Microsoft Amy Hood.
US stocks futures slightly rebounded from the early session losses while European shares opened lower after the Russian energy company Gazprom announced that it will stop natural gas deliveries to Poland and Bulgaria as of April 27.
Crude oil futures holding the previous session. The oil price ended slightly higher on Tuesday despite the strong US dollar. The oil prices regain some upside momentum during the North American session on Tuesday supported by the geopolitical tension but overall, the momentum remains mixed.
In the currency market, the dollar index upside rally continues while both Euro and the British pound plunged to the fresh multi-year lows on Wednesday Morning. On the other hand, the Japanese yen trade flat as the investors waiting for the Bank of Japan meeting decision on Thursday.
Gold price hits a new monthly low of $1886 on Wednesday Asian session weighed down by the strong US dollar and hawkish comments from the Federal Reserve policymakers. At the time of writing, the metal trades below the psychological support of $1900.
On the data front, the U.S. durable-goods orders increased by 0.8% last month, recovering from a downwardly revised 1.7 percent drop in the previous month but below market expectations of a 1 percent gain.
Moving ahead today, the important events to watch:
US – Pending home sales: GMT – 14.00
US – EIA crude inventories: GMT – 14.30
Worldwide, more than 509 million people have been confirmed infected and more than 6.20 million have died. The United States has confirmed over 80 million cases and has had more than 990,000 deaths from COVID-19, the highest total in the world.
Technical Outlook and Review
EURUSD: The index remains under pressure for the third consecutive day. Moving ahead to the North American session, the Euro traders should closely monitor the speech from the ECB’s Lagarde.
The important levels to watch for today: Support- 1.0580 and 1.0530 Resistance- 1.0640 and 1.0690.
GOLD: in the short-term perceptive, the immediate bias will remain bearish as long as prices are held below $1900. On the flip side, any break above $1910 then the next resistance near the $1914 followed by the $1920 level.
The important levels to watch for today: Support- 1890 and 1878 Resistance- 1910 and 1914.
Quote of the day - Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. - Benjamin Graham.
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