It has been a busy 24 hours! META reported earnings last night and they did not disappoint the bulls. Not only did they beat the expected numbers they gave a revenue forecast ahead of consensus. This was driven by a recovery in advertising sales as AI-powered tools are reportedly increasing user engagement and as a result advertising returns. META is up healthy after the report and you can likely expect analysts to upgrade their price targets after this earnings report.

Those in the soft-landing camp certainly are not going to be disappointed in the economic data this morning. GDP grew at a 2.4% in the second quarter surpassing expectations, unemployment claims came in lower than expected and durable goods had their biggest monthly rise since July of 2020! This incredibly hot data has the dollar up, precious metals down and those in the recession camp scratching their heads.

The Fed met yesterday as well which included a policy statement that was essentially a “cut-and-paste” job from the previous statement and a press conference that did not offer any new information.

It has been a busy week and a busy stretch and we will break down all the action on the Halftime Report today!

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Chart of the Day: META

Market reactions to the Mag 7 earnings have been mixed this earnings season but META certainly helped improve that trend today. It truly has been an epic year for META and as traders have been at many points in 2023, they will be on secondary pattern watch after this earnings report.

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Today’s line up

Traders Lounge 11 AM EST

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Halftime Report 12:30 PM EST

The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day, and fun in a way that only the coaches at Tackle Trading can deliver.

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