Market Overview US stock futures moved higher as investors assessed earnings from major technology companies and key economic indicators. Tuesday’s session was mixed: the Nasdaq Composite reached a record close, the S&P 500 rose, and the Dow Jones declined. Expectations for a Federal Reserve interest rate cut were supported by data showing a drop in job openings, indicating a softening labor demand.
Alphabet’s Strong Q3 Results Alphabet reported better-than-expected Q3 results with strong demand for AI-powered cloud computing. Net income rose to $26.3 billion, and revenue grew by 15%. Google Cloud revenue increased by 35%, while advertising revenue rose by 10%. Alphabet shares gained in premarket trading.
AMD’s Market Reaction AMD shares dropped in premarket trading after slightly missing Q4 revenue projections. Despite raising 2024 AI chip sales forecasts to $5 billion, supply constraints for processors and cautious investor reactions contributed to the decline.
Anticipated Earnings Reports Today, Microsoft and Meta are set to release their quarterly earnings after the closing bell, followed by AbbVie, Eli Lilly, and Caterpillar, among others. Additionally, Q3 GDP estimates are expected to come in at an annualized 3.0%, potentially influencing both market sentiment and public opinion ahead of the upcoming presidential election.
Crude Oil Gains Oil prices rose as US crude inventories declined unexpectedly, signaling tight supplies. Brent crude rose 1.2% to $71.58 per barrel, and WTI futures climbed 1.3% to $68.11.
What’s Next Wall Street Show Tune in today to What’s Next Wall Street at 3:15 pm ET (2:15 pm CT) for live Apple earnings coverage. Follow along here on Instagram.
OptionsPlayers Chat Success Congratulations to OptionsPlayers members on yesterday’s successful short play on Walmart. Avoiding risky AMD calls proved wise, highlighting the benefit of strategic plays over gambling. Keep stacking gains, and join us in the chat for more news and trades!
If you want to get the plays of the day then signup for Gold, and get a FREE TRIALIf you want to get the plays of the day then signup for Gold, and get a FREE TRIAL
Responses