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The New York Stock Exchange's senior market strategist explains what tech earnings mean and how the market could react to the downbeat reports.
A burst of buying power sent stocks higher mid-morning, but the markets couldn't sustain the momentum.
Not all stocks were lower, though. Netflix, Procter & Gamble and United Airlines were all up after earnings.
Apple was handed a rare downgrade on concerns over weakening consumer demand for the iPhone maker.
"Powell wants to be more predictable [than Volcker], and needs to see clear and convincing evidence of inflation coming down," an expert told Insider.