Dow Futures Dipped 0.1% After Alphabet & Microsoft Report Earnings
During Tuesday's stock trading session, most of the US stock futures remained. Unchanged. At the same time, all the major benchmark indices from the USA were positive as we got earnings results from Alphabet, Microsoft, & other tech companies.
After the results, the S&P 500 futures closed the day with little change, while the Dow Jones futures were down by 0.1%. At the same time, the Nasdaq 100 futures also slipped by 0.2%.
Positive Results From Big Tech Stocks
Out of all the earning reports, the most prominent one was the Microsft, Alphabet, and Snap. Starting with Microsoft, the company reported a $2.69 EPS during Q4 against expectations of $2.55. Similarly, Microsoft's revenue was $56.2 billion, which is higher than the expected number of $55.4 billion. After the results, Microsoft's stock slid down by 3.9%, which was a sign that the investors were not happy.
On the contrary, the earnings result of Alphabet was well received as the stock gained 6.5% after the results. The Alphabet's EPS for Q2 was $1.44 against a $.134 expected value. In addition, the company reported a $74.6 billion revenue against expectations of $72.82 billion.
However, the biggest loser for the day was Snap, as it lost 18.8% of its share value after reporting a loss of $0.02 for Q2 2023. But given the expected loss of around $0.25, it appears that Snap's results were not so bad after all. In addition, Snap's revenue was around $1.07 billion, higher than the expected value of $1.05 billion.
Overall, the results of these 3 tech companies were good as even Snapchat managed to shrink its losses. If we look back at the past few years, the global landscape was not so good for them at all. But now, it appears that the majority of them are enjoying good revenue figures and are even looking at bullish targets for the near future.
Looking ahead, we will likely see new insights from all the major investment banks and trading houses as they set new price targets for the tech stock.