US economic data shows strong growth | The Week in Markets

Chris Leyland, Director of Investment Strategy, and Joe Forward, Investment Analyst, look back at a week of corporate earnings where Tesla saw a 12% drop in share price after CEO Elon Musk announced a delay to their self driving taxi service. Alphabet, the parent company of Google increased their revenue stream by 14% which was driven by advertising revenue and demand for their cloud computing services. We then get a reflection on the volatility of US equities this week and an understanding of the overall performance of mega cap equity stocks and how many of them have a strong link to artificial intelligence which will only continue to become a more significant. We then move over to PMI (Purchasing Manager Index) figures which help gauge the overall health of an economy, the release on Wednesday revealed the biggest expansionary reading in over two years for the US. We then finish with GDP data which actually exceeded market expectations for the US.