The tech-heavy Nasdaq 100 and the S&P 500 rose above 5,070, with the latter adding 1.5%. Nvidia Corp., the poster child of the AI boom, drove a jump in chipmakers. An economic indicator, United Parcel Service Inc., recorded a higher profit than expected. A small-cap index, the Russell 2000, fell 2%.
With a gain of 1.5 percent, the tech-heavy S&P 500 index outpaced the Nasdaq 100, which also soared above 5,070. The AI boom’s poster child, Nvidia Corp., sparked a surge in chipmakers. United Parcel Service Inc., a leading economic indicator, posted a better-than-expected profit.
Wall Street is anticipating a 31% increase in Google’s earnings to $1.53 per share, and software behemoth Microsoft is projected to report earnings per share of $2.82, up 15% from the previous year.
With a price target 153.78, Alphabet stock continued its 1.5 percent gain. On Tuesday, Microsoft’s stock increased 1.6% during lunchtime, although it traded below the 50-day line.
Meta has scheduled their report for Wednesday. Sales for Meta are expected to reach $36.14 billion, reflecting a 26% increase compared to the same period in 2023, as reported by analysts on FactSet. If that happens, it will be the fifth consecutive quarter of faster sales growth. The predicted increase in earnings to $4.32 per share is 95%.
The stock of the S&P 500 Midway through Tuesday’s trading, Meta stock rose 2.7% to regain control of the 50-day moving average.
Following the market close, Alphabet and Microsoft will report their earnings on Thursday.
CWEB Analysts have upgraded both Google and Microsoft and have positive outlook reporting on the coming ER.
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