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Because earnings confidence outweighs growing earnings

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News Tech: The Nasdaq rose nearly 2% on Tuesday, boosting Wall Street’s main index as investors focused on the positive earnings report and shelved concerns about a move toward aggressive policies to curb inflation. Shares of mega-cap companies such as Microsoft, Apple and Amazon rose between 0.9% and 3.0%, even as government bond yields continued their recent rally.

Johnson & Johnson rose 3.5% to a record high as the pharmaceutical company’s quarterly earnings beat market expectations and increased dividend payments. “People started the earnings season too pessimistically, overweight cash and commodities, panic selling bonds and technology,” said Thomas Hayes, chairman of Great Hill Capital in New York.
“But the guidance hasn’t dropped as much as people expected.

St. Louis Federal Reserve Bank Governor James Bullard on Monday reiterated his call for raising interest rates to 3.5% by the end of the year to curb the highest inflation in 40 years. He also said he would not rule out a 75 basis point rate hike. Equities seemed to ignore the comments, but bonds fell and the 30-year yield fell to 3% for the first time since April 2019 as investors braced for a faster rate hike this year.

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