US markets fell; Apple rallied after-hours on Q1 results; Intel tanked 7% on Q4 results
- The Nasdaq fell 1.4% on Thursday to close the session at 13,353 points.
- Apple rallied 5% in after-hours trading on Q1 results including record profit.
- Intel tumbled 7% on Q4 results despite beating market expectations.
The US markets see-sawed throughout Thursday’s session before closing lower as investors weighed up strong fourth quarter economic news against the impact of the Fed’s monetary policy will affect corporate profits and stock valuations.
The Dow Jones fell 0.02% to finish the trading day down 7 points to close at 34,161 points.
The tech heavy NASDAQ fell 1.4% to finish the trading day down 189 points to close at 13,353 points.
One bitcoin is worth US$36,982 going into the Asian trading day.
The Australian dollar is firm against the major currencies and is buying 70.39 US cents.
After the closing bell, Apple reported first quarter results that exceeded expectations. For the period, Apple reported record profit of US$34.6bn, record revenue of US$123.95bn and iPhone revenue of US$71.63bn despite ongoing chip shortages.
Shares in chip-maker Intel tumbled 7% on Thursday despite the company reporting better-than-expected Q4 earnings and delivering upbeat guidance. For the period, Intel reported a 20% increase in chip sales to US$7.3bn, EPS of US$1.09/share on revenue of US$19.5bn and said it expects US$18.3bn in adjusted sales for Q1 FY22. The company’s largest business, Client Computing Group, was down 7% YoY to US$10.1bn which still beat analysts’ estimates.
And Elon Musk has announced that Tesla will prioritise the development of the humanoid robot over vehicle innovation in 2022.
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