We all know the markets do not like uncertainty. Well, unfortunately, that’s what we currently have! Not from corporate America, but from Washington. The Dow (chart) has now closed down for three straight sessions as all eyes and ears are on whether or not a debt ceiling deal is in place. Hopefully, both sides of the aisle can come to terms as soon as possible on this critical issue so investors can turn their attention back to this very impressive earnings reporting season.
Q2 earnings so far have been better than expected as we are approaching the mid-point of the reporting season. This especially rings true in the tech sector where the majority of the Tech Titans have not disappointed, including Amazon.com, Inc. (NasdaqGS: AMZN) which just reported after the close. Amazon easily surpassed earnings expectations while increasing net sales by 51% to $9.91 billion. As with Google (NasdaqGS: GOOG), Apple (NasdaqGS: AAPL), International Business Machines (NYSE: IBM) and now Amazon reporting eye-popping numbers, just imagine where the tech sector could be with this debt issue resolved?
Good luck to all.