Apple, Alphabet (Google), and Amazon.com released results for the last quarter of the year that fell short of investors' expectations. What's more – the financial reports renewed questions about global economic demand and the effect of higher interest rates. Tentative signs suggesting that consumer spending was beginning to rebound in China were not enough to change that.
The stocks of the three companies fell after the announcement of results in after-hours sales. So it is to be expected that after Thursday's – premature as it may be – euphoria, the market will fall on Friday. These three companies plus Microsoft lead the broad S&P 500 market in 2023. The index is up nearly 9 percent year-to-date, with Amazon alone gaining 34 percent. Thursday's stock market gains, however, were more the result of strong quarterly results from Facebook owner Meta Platforms.