Amazon, Apple, Facebook, And Alphabet All Prepare To Report Earnings After Closing Bell

Amazon, Apple, Facebook, And Alphabet All Prepare To Report Earnings After Closing Bell

Getty Images





Getty Images





Key Takeaways:







Fireworks after the close today as four FAANGs report earnings

Market seems appreciative of Fed's promise to keep stimulus going

Trepidation develops as Congress appears far from stimulus deal





There's the old trader adage, "buy the rumor; sell the fact." But the last 24 hours have been more like "buy the rumor, buy the fact, sell the aftermath," as we start the day with a touch of weakness.





Equities staged a decent rally yesterday, which advanced after the Fed meeting and press conference ended with no real fireworks. The same could be said across town at the Capitol, where big-tech CEOs mostly stuck to the script despite some tough grilling from the House Judiciary Committee (see more below). 







Some of the early pressure today could reflect Congress seeming far from any new stimulus deal. Those extra unemployment benefits that helped prop consumer demand a bit over the last few months might be gone soon. Tomorrow is when the enhanced COVID-19-related $600 a week unemployment checks expire.





That means focus could again be on Washington today and tomorrow as