Alphabet, Microsoft shares fall, S&P 500 slips as IMF cuts global growth forecast [Video]
Posted On July 26, 2022
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Alphabet, Microsoft shares fall ahead of Q2 earnings
Shares in Alphabet and Microsoft were lower during today’s session, as markets prepared for the release of their Q2 earnings report.
Both tech giants are set to hold their quarterly earnings call after today’s closing bell, with traders somewhat nervy.
This comes as markets expect to see the impact of record levels of inflation on both businesses, with their bottom lines somewhat dented.
Heading into their call, Microsoft is expected to report earnings of $2.29 a share on revenue of $52.4 billion.
Whilst Alphabet is anticipated to show earnings of $1.28 a share on revenue of $70 billion.
Both company’s were trading over 2.30% lower as of writing.
S&P 500 slips, as IMF cuts global growth forecast
The S&P 500 was trading lower on Tuesday, as markets reacted to the news that the IMF had revised its 2022 growth outlook.
Following its April GDP forecast, where it projected growth of 3.6% for 2022, the International Monetary Fund now expects this to slow to 3.2% for the remainder of the year.
In a statement which accompanied the report, IMF’s Chief Economist Pierre-Olivier Gourinchas stated that, “The outlook has darkened significantly since April. The world may soon be teetering on the edge of a global recession, only two years after the last one”.
After contracting by 3.1% in 2020 following the coronavirus pandemic, global growth rebounded last year to 6.1%.
As of writing, the S&P 500 is trading 1.11% lower.