Microsoft, Google Are Key Earnings Movers Late After S&P 500 Hits New High; Fed Rate Hike Due
Dow Jones futures were little changed early Wednesday, along with S&P 500 futures and Nasdaq futures. Microsoft ( $Microsoft(MSFT.US$ ), Google parent Alphabet ( $Alphabet-A(GOOGL.US$ ), Snap ( $Snap Inc(SNAP.US$ ) and Visa ( $Visa(V.US$ ) reported late Tuesday, with Boeing earnings and the Fed meeting decision on tap Wednesday.
The stock market rally had another session of decent gains Tuesday, though the major indexes pared gains into the close. The Dow Jones winning streak rose to 12 straight sessions. The S&P 500 rose to a fresh 15-month high. The Nasdaq composite led Tuesday, fueled by Nvidia ( $NVIDIA(NVDA.US$ ) and MSFT stock, but it's still working back toward last week's rally peaks. A number of tech leaders bounced off key support levels.
After-Hours Earnings
After hours, Microsoft earnings topped views, but MSFT stock fell late on guidance. Google stock jumped, signaling a breakout. Alphabet earnings beat, led by Google Cloud and YouTube ads. The Microsoft and Google earnings reports have huge implications for artificial intelligence, cloud computing and the tech sector broadly.
After hours, Microsoft earnings topped views, but MSFT stock fell late on guidance. Google stock jumped, signaling a breakout. Alphabet earnings beat, led by Google Cloud and YouTube ads. The Microsoft and Google earnings reports have huge implications for artificial intelligence, cloud computing and the tech sector broadly.
Visa edged lower as the payments giant slightly topped views. Visa stock lost a fraction Tuesday, holding in a buy zone.
Snap earnings topped views but the Snapchat parent dived late on revenue guidance, signaling a plunge back below key moving averages. SNAP stock had hit its best level in nearly a year on July 13, but has fallen for seven of the last eight sessions.
Bank News
Meanwhile Banc of California ( $Banc of California(BANC.US$ ) late Tuesday agreed to buy PacWest Bancorp ( $PacWest Bancorp(PACW.US$ ) in an all-stock merger of two California-based financials. Both also were reporting Q2 results after the close. PacWest struggled with deposit outflows during the regional banking crisis.
PACW stock plunged to close down 27% Tuesday on a Wall Street Journal report that a deal was imminent. However, its stock jumped more than 30% in late trading after the announcement. BANC stock closed 11% higher and leapt another 8% in extended trading.
Some other regional bank stocks fell, but generally gave up only a portion of their recent gains.
Money-center giant Wells Fargo ( $Wells Fargo & Co(WFC.US$ ) announced a $30 billion buyback after hours. Wells also hiked its quarterly dividend 17% to 35 cents a share. WFC stock rose overnight.
Meanwhile Banc of California ( $Banc of California(BANC.US$ ) late Tuesday agreed to buy PacWest Bancorp ( $PacWest Bancorp(PACW.US$ ) in an all-stock merger of two California-based financials. Both also were reporting Q2 results after the close. PacWest struggled with deposit outflows during the regional banking crisis.
PACW stock plunged to close down 27% Tuesday on a Wall Street Journal report that a deal was imminent. However, its stock jumped more than 30% in late trading after the announcement. BANC stock closed 11% higher and leapt another 8% in extended trading.
Some other regional bank stocks fell, but generally gave up only a portion of their recent gains.
Money-center giant Wells Fargo ( $Wells Fargo & Co(WFC.US$ ) announced a $30 billion buyback after hours. Wells also hiked its quarterly dividend 17% to 35 cents a share. WFC stock rose overnight.
Fed Meeting
The two-day Fed meeting concludes Wednesday, with a policy announcement due at 2 p.m. ET. Markets have a quarter-point Fed rate hike locked, but see only a modest chance of yet another move before the year's end. The question is how strongly will policymakers make the case for an additional rate hike.
Fed chief Jerome Powell will speak at 2:30 p.m. ET. $SPDR S&P 500 ETF(SPY.US$ $Invesco QQQ Trust(QQQ.US$ $S&P 500 Index(.SPX.US$ $Dow Jones Industrial Average(.DJI.US$ $Nasdaq Composite Index(.IXIC.US$
The two-day Fed meeting concludes Wednesday, with a policy announcement due at 2 p.m. ET. Markets have a quarter-point Fed rate hike locked, but see only a modest chance of yet another move before the year's end. The question is how strongly will policymakers make the case for an additional rate hike.
Fed chief Jerome Powell will speak at 2:30 p.m. ET. $SPDR S&P 500 ETF(SPY.US$ $Invesco QQQ Trust(QQQ.US$ $S&P 500 Index(.SPX.US$ $Dow Jones Industrial Average(.DJI.US$ $Nasdaq Composite Index(.IXIC.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
