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Nasdaq rises 1% as traders await key technology earnings

Use the coming bounce to reset the shorts, says PIMCO's Erin Browne

The Nasdaq was up on Tuesday as investors looked to big tech earnings for further clues about the health of the US economy.

The technology-heavy index rose 1.5%, while the S&P 500 was up 0.9%. The Dow Jones Industrial Average slipped, adding 139 points, or 0.4%.

Alphabet and Microsoft are among the companies to report earnings after the bell. Chipotle Mexican Grill is also on deck.

These reports will come after a smattering of results before the bell.

UPS, 3M and General Motors all had better-than-expected earnings. Shares of UPS and GM rose in early trade, but 3M fell 1.6%.

Coca-Cola also reported stronger-than-expected earnings, sending the stock up 1%.

So far this season, companies have proven they can outperform expectations. That’s partly due to the fact that analysts’ earnings estimates have declined in recent months as companies faced currency headwinds and other growth concerns. This could set shares up for a rally on potentially better outcomes than feared.

“Revenues have really come down quite a bit,” said Sam Stovall, investment strategist at CFRA. “Maybe investors are happy because it’s up 2% and not down 2%, but we’ve also seen reductions in forecasts for 2023. This bear market will likely have to play itself out even if we get a short-term bear market rally.”

Meta Platforms reports on Wednesday, followed by Amazon and Apple on Thursday. Given their large size and market capitalization, any movement is likely to drive the market forward.

Tuesday’s move comes after a back-to-back rally.

The Dow rose 417.06 points, or 1.3%, on Monday. The Nasdaq Composite finished 0.9% higher and the S&P 500 rose about 1.2%, with nine of 11 sectors finishing higher, led by health care.

“The market has become accustomed to the real price volatility, almost desensitized to it,” said Jeff O’Connor, Americas head of market structure for Liquidnet. “And the wild movements make trade conditions that much more difficult.”

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