Tech earnings hit pause button on market rally

Big Tech led U.S. markets on a sharp rebound to kick off 2023. The message from their earnings on Thursday: not so fast.

Apple, the world's largest publicly traded company, fell short of expectations, hurt by lower iPhone sales and production disruptions in China. Amazon said operating profits could fallthis quarter due to lower demand, and Alphabet's online advertisers cut back their spend as well. These three firms and Microsoft, the four U.S. companies with trillion-dollar market values, have led the broad-market S&P 500 in 2023. The index is up nearly 9 per cent year-to-date, with Amazon gaining 34 per cent. Big Tech surged Thursday following a strong quarterly report from Facebook-owner Meta Platforms Inc.

"When things started to reopen in December , we did see an increase in traffic to our stores as compared to November and an increase in demand as December rolled around," Apple Chief Executive Tim Cook told Reuters.

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