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Wall Street is bullish on earnings masking rising revenues

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News Tech: All three major Wall Street indices rose on Tuesday. That’s because positive earnings reports have boosted investors, with the 30-year Treasury yield above his 3% for the first time in three years, amid further debate on aggressive policy measures to curb inflation. is. Shares of mega-cap companies such as Microsoft, Apple and Amazon.com have risen between 0.7% and 2.7%, even as government bond yields have continued to rise recently.

Johnson & Johnson hit an all-time high before falling slightly as quarterly profit beat market expectations and a higher dividend. Pharmaceutical companies rose 2.8% in afternoon trading. “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.

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. Stocks seemed to ignore the comments, but bonds fell and his 30-year yield fell to his 3% for the first time since April 2019 as investors braced for a faster rate hike this year.

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