US stocks traded in a mixed manner on Wednesday as market participants analyzed the third-quarter earnings reports of major technology giants Microsoft and Alphabet. Microsoft experienced a surge in its stock price following the announcement of strong growth in its cloud business. On the other hand, Alphabet faced a decline in its stock price due to lower-than-expected revenue from its cloud unit. Investors will now shift their focus to Meta Platform’s earnings results, which will be released after the market closes today. Additionally, Amazon’s results are eagerly awaited and will be revealed on Thursday.
According to data from Fundstrat, out of the 25% of S&P 500 companies that have already reported their third-quarter results, 80% of them are surpassing profit estimates by a median of 7%. Moreover, 64% of the companies are exceeding revenue estimates by a median of 2%.
Aside from earnings, investors are closely monitoring the 10-year US Treasury yield, which continues to hover slightly below 5%.
Here is a snapshot of the US indexes right after the market opened at 9:30 a.m. on Wednesday:
– The progress in commodities, bonds, and cryptocurrency is as follows:
– West Texas Intermediate crude oil rose by 0.39% to reach $84.07 per barrel. The international benchmark, Brent crude, climbed by 0.22% to hit $88.26 per barrel.
– Gold witnessed a slight increase of 0.10%, reaching $1,988.00 per ounce.
– The 10-year Treasury yield experienced a significant jump of 6 basis points, reaching 4.88%.
– Bitcoin, the popular cryptocurrency, rose by 1.64% and reached $34,478.
Overall, with the release of earnings from major tech companies, investors are closely observing the stock market while considering the performances of individual companies in order to make informed decisions.
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