Precise Investors

Sunday, January 29, 2023
Stocks & Shares

U.S. stocks mildly higher as investors await earnings data


The Dow added 64 points, the S&P 500 gained 0.5%, while the Nasdaq Composite added 0.9%

U.S. stock futures were mildly higher in early morning trading on Tuesday as investors await a slew of major technology earnings with the broader market at a record high.

Dow futures rose 37 points, S&P 500 futures and Nasdaq 100 futures also both traded in positive territory.

Shares of social media giant Facebook rose more than 1% higher in after-hours trading on Monday after the company topped analysts’ earnings expectations. Facebook missed expectations for revenue and monthly active users (MAU).

The Dow Jones Industrial Average (DJIA) and S&P 500 ended at record highs on Monday. The Dow added 64 points, the S&P 500 gained 0.5%, helped by a 12% rally in Tesla’s stock as the electric carmaker hit a $1 trillion market capitalization for the first time.

The Nasdaq Composite was the outperformer, adding 0.9%. The technology-focused average is nearly 1.1% from its record high.

Technology giants Alphabet and Microsoft report earnings after the bell on Tuesday. Other key reports include 3M, Eli Lilly, General Electric, UPS and Visa. Microsoft bulls are expecting a strong quarter for Microsoft, bolstered by its key Azure business. Analysts are expecting Alphabet earnings to come in 43% higher year over year.

As of the close on Monday, 84% of the 117 companies in the S&P 500 that have reported earnings beat expectations, according to Refinitiv. S&P 500 companies are expected to grow profit by nearly 35% in the third quarter.

Earnings season is off to another great start, but now the big test is will the big tech names step up? With stocks at all-time highs, the bar is indeed quite high and tech will need to impress to help justify stocks at current levels, said Ryan Detrick, chief financial strategist at LPL Financial.


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