Artemis Investment Limited – Tech leads stocks higher as earnings rush in, ECB hikes rates

Technology stocks led markets higher for a third straight session Thursday as investors mulled a slew of mixed earnings and a surprise rate hike from the European Central Bank.
HONG KONG - July 21, 2022 - PRLog -- The tech-heavy Nasdaq Composite gained 1.3%, while the benchmark S&P 500 index rose 1%. The Dow Jones Industrial Average added 160 points, or 0.5%.

Shares of Amazon pushed higher for a seventh straight day, placing the e-commerce giant on pace for its longest winning streak since June 2020. The stock climbed 13% over the seven-day period but remains down more than 25% year-to-date. Shares closed up 1.5%.

AT&T shares fell 8% despite reporting earnings that beat estimates after the company revealed a lowered outlook for annual free cash flow.

Another big development this morning came from across the Atlantic, with the ECB electing to raise interest rates by 0.50%, the first interest rate increase from the central bank since 2011 and its largest increase since 2000.

Investors had expected the ECB to raised rates by 0.25% in Thursday's decision.

Following this move, the euro was slightly stronger against the dollar, trading above 1.025 after having reached parity with the greenback earlier this month.

In the US, investors remain focused on whether stocks can rise for a third-straight day on Thursday after tech shares rallied during Wednesday's trading session.

Tesla (TSLA) was in focus after reporting earnings following market close Wednesday that topped analyst estimates but said automotive gross margins fell from the previous quarter. Shares were up roughly 2% before the bell.

About Artemis Investment Limited:

Originally established to assist expatriates access financial services in SE Asia, Artemis Investment Limited is a leading independent, boutique financial advisory firm which now caters to a global client base.

Based in Hong Kong for the last 60 years, we have adapted our services to account for the financial world in the 21st Century. We are a borderless company whose staff come from a variety of backgrounds but are united by one attribute, customer focus and objectives above all else.

We understand that many clients know where they want to be, but may not have the knowledge on how to get there. This is where our specialist expertise within the financial services sector is essential in providing the correct timing, opportunity and ultimately, the correct result to establish a lengthy and equitable relationship. This is something that our 20,000 + clients have learnt first-hand.

To find out more, or to sign up to the Artemis newsletter, visit

Cherry Hwuang
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