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Market overview 2023-05-15

16.05.2023

Major U.S. stock indices rose within 0.7 percentage points during Monday's trading, trying to ignore negative macroeconomic news and concentrating on corporate performance. On the one hand, the corporate earnings season was obviously more powerful as about 78% of the reporting companies managed to beat their earnings and net income estimates while the average was less than 75%. On the other hand, there is an ongoing debate on raising the U.S. sovereign debt ceiling and mixed statements from U.S. Federal Reserve officials expressing doubts about the end of the rate hike cycle. These divergent news lines are keeping the participants from active actions, however, taking into account the high volume of accumulated short positions the balanced news background is pushing the stock prices up. Among sectors, Technology and Financials fared better in Monday's trading.