S&P 500 set for worst month since March 2020

Despite rallying on Friday,  the S&P 500 was set for its worst month in almost 2-years, as declines in January put the index in correction territory.

Indices across the board have slipped, as a result of higher global inflation rates, and the central banks response to the situation.

The Federal Reserve opted to keep rates unchanged this week, however laid the table for a potential hike in March.

This news, along with better than expected tech earnings helped cushion recent drops in the index, which now seem to have found its floor.

As of writing, the S&P 500 was trading 0.89% higher, with the Dow Jones gaining 0.33%.

 Apple higher, as Q4 sales beat expectations

Apple was trading higher on Friday following its Q4 earnings call, where the company announced record sales figures. 

The company led by Tim Cook reported that iPhone sales for the quarter were up 9%,  better than the 3% increase markets had forecasted. 

Overall, earnings came in at $2.10 per share versus $1.89, which was up 25% annualized. 

Revenue was also up in the same period, climbing 11% to $123.9 billion, beating expectations of a $118.66 billion estimated rise. 

Speaking after the results, CEO Cook stated that, “Our biggest issue is chip supply, it’s chip supply on legacy nodes, And we’re doing okay on the leading edge stuff”.

$AAPL was trading 5.61%v as of writing. 

 

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