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Stock markets advanced taking Fed's report positively. The Fed unanimously raises its benchmark rate by 75 basis points, in line with expectations, and anticipates further increases in the target rate in an appropriate manner. Analysts also noted that the report mentions "softening to the economy" which has got the Fed's attention. Following the release yields dropped, the dollar followed lower and gold rose.

Microsoft reported an upbeat sales forecast, seeing revenue and operating income increasing at a double-digit pace this fiscal year. That's shockingly strong given current recession fears and the fact that many were fearing a more cautious outlook. Google's ad revenue also showed resilience, highlighting mega-techs dominant position and strength during even windy environments. Meta is up next, set to release after market close. Stay tuned.

• 175 S&P500 companies, including 12 Dow components, are to report earnings this week. Snap's disappointing earnings has investors scrutinising reports of big techs, which have exposure to ad spending and consumer markets. 

US stocks are trading mixed with the Nasdaq falling after disappointing results from Snap and Twitter, dragging other technology sector giants in their wake. Snap fell 35% following its quarterly results which pointed to a drop in advertising demand and growing competition from applications like TikTok. Meta and Google are down 5.6% and 3% respectively. Investors expect the pace of growth in social media advertising revenue to be the slowest on record this year, as rampant inflation and other economic challenges prompt brands to cut marketing budgets.

The Nasdaq 100 had a bit of a tough week losing 1.2%, and facing wild swings. Nonetheless, considering the advance of the dollar and the ugly CPI report, the loss was relatively capped. What does this tell us? potentially the markets are moving on past, what could be a tough next 2 weeks. First, there are tech earnings, with Tesla, Netflix, Twitter,  IBM this week, followed by giants Apple, Microsoft, Amazon, Alphabet, next week. Then, next week will be the Fed meeting, where officials are expected to raise 75bps. Assuming earnings (and earnings guidance) are decent, without wild surprises like in Q1 with Facebook and Netflix, the picture could be positive for the Nasdaq. On the technical picture, the Nasdaq has resumed a short-term uptrend but is fast approaching resistance at ∼12'200. If it could close sharply above 12'260, it could be indicative of a more long-lasting rally, which could have some wind in the sails thanks to aggressive short positioning from traders, with many investors expecting downside and high levels of cash seating on the sidelines.