- US stocks were mixed on Wednesday as investors digested earnings from Microsoft and Alphabet.
- Microsoft posted strong cloud growth and saw its stock pop, while Alphabet fell after it reported lower-than-expected cloud revenue.
- Of the 25% of S&P 500 companies that have reported so far, 80% are beating profit estimates by a median of 7%.
US stocks traded mixed on Wednesday as investors digested third-quarter earnings results from mega-cap tech companies Alphabet and Microsoft.
While Microsoft popped after it reported strong cloud growth, Alphabet fell because revenue from its cloud unit was below analyst expectations. Investors will turn their attention to Meta Platform’s earnings results after the market close today, followed by Amazon’s results on Thursday.
Of the 25% of S&P 500 companies that have reported third-quarter results so far, 80% are beating profit estimates by a median of 7%, while 64% are beating revenue estimates by a median of 2%, according to data from Fundstrat.
Aside from earnings, investors are paying close attention to the 10-year US Treasury yield, which continues to hover at just below 5%.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:
Here’s what else is going on today:
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil rose 0.39% to $84.07 a barrel. Brent crude, the international benchmark, climbed 0.22% to $88.26 a barrel.
- Gold edged up 0.10% to $1,988.00 per ounce.
- The 10-year Treasury yield jumped 6 basis points to 4.88%.
- Bitcoin rose 1.64% to $34,478.
