In Big-Tech we trust Earnings reports boost US equities US stocks are rising higher after stellar earnings reports from Big-Tech, a steady FOMC meeting, and no immediate impact from President Biden’s tax plan that will now go through several rounds of negotiations. Except for Amazon, who will report after the bell, the key earnings results are in and have mostly impressed. After the open, stocks pared gains as the rise in Treasury yields steepened. Markets are expecting a wave of amazing US data, with improving PMI readings and another near-1 million job growth employment report. Apple Apple’s results were too good. Apple shares rose after delivering double-digit growth in every category, boosting the buyback program, and increasing their dividend. Apple is another chip shortage victim and will see supply issues impact June results by USD3-4 billion. The COVID-19 pandemic, a key upgrade cycle, and the new iPhone 12 have sparked tremendous sales, but that trend will struggle to continue over the next couple of quarters. Apple continues to make progress in diversifying its revenue streams and the potential with their services businesses is exciting many analysts. Apple should see a steady wave of analysts upgrading their price targets.