American Fed The Reserve increased the currency rate yesterday. Investors awaited the move, but stocks dove after the Fed refused to tell investors it intended to slow the pace of future interest rate hikes as some had expected.
While stocks of many US companies fell on the news, tech stocks were in a different mood.
And few tech companies have reported earnings. It should feel to them on some level – it’s not a CEO’s dream to report earnings in a down cycle for your sector after market conditions have been particularly difficult. On the contrary, in fact.
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But the earnings news wasn’t all bad. While a weak ad market is hampering the Snaps and Metas of the world, and as opposed to slowing cloud growth in general, there were a few green shoots that mattered during our earnings reports yesterday.
why? Because when we see public market investors react so warmly to the results of small tech companies, we can get a sense of how unicorns might be valued if and when they go public. Consumer trading platform Robinhood is up nearly 9% this morning after reporting its own earnings of around $10 billion. And later this afternoon, Coinbase will report results.
