👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

Stock market today: Dow extends win streak as tech shines ahead of earnings

Published 25/07/2023, 21:14
© Reuters
US500
-
DJI
-
GM
-
MSFT
-
GOOGL
-
LUV
-
VZ
-
GE
-
NXPI
-
IXIC
-
BANC
-
PACW
-
SAVEQ
-
ALK
-
AAL
-
GOOG
-

Investing.com -- The Dow extended its win streak Tuesday as tech reigned supreme ahead key week of earnings for the sector and the upcoming Federal Reverse decision due Wednesday.

The Dow Jones Industrial Average rose 0.1%, or 26 points, Nasdaq was up 0.6%, and the S&P 500 rose 0.3%.

Big tech in spotlight as Microsoft, Alphabet set to report; Chip stocks soar

Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) climbed higher into their quarterly results due after the market closes.

Microsoft’s report is likely to garner the bulk of investor attention, Wedbush says, as there “is no better barometer of the overall cloud and enterprise spending environment than Redmond [Microsoft].”

"The company’s cloud segment Azure is the key number to focus on," Wedbush adds, with the Street expecting 26% growth.

For Google, meanwhile, investor focus will likely be looking out for signs of improvement in the advertising market, updates on AI investments, and performance of the tech giant's cloud business.

Chip stocks also pushed the broader tech sector higher following a rally in NXP Semiconductors NV (NASDAQ:NXPI) after the major automotive chip supplier reported upbeat guidance and quarterly results that topped Wall Street estimates.

The stronger-than-expected results were driven by automotive growth that looks set to continue, Oppenheimer says, as NXP's partnership with Chinese EV manufacturer NIO for 4D imaging radar and China's $72B EV tax credit subsidy provides a tailwind.

Verizon delivers mixed quarterly results, General Motors drives in earnings beat, GE shines

Verizon Communications Inc (NYSE:VZ) was marginally higher as quarterly revenue that missed Wall Street estimates was offset by unexpected rise in its wireless subscriber base following plans to ramp up its enterprise customer base.

General Motors (NYSE:GM), meanwhile, fell more than 3% despite reporting quarterly results that topped analyst estimates as CEO Mary Barra said the automaker plans on making further cost-cutting measures that investors fear will stifle new products.

General Electric (NYSE:GE) lifted its full-year guidance after delivering better-than-expected quarterly results, sending its share price more than 6% higher to a 52-week high.

Alaska Air Lines guidance sours sentiment on airlines

Alaska Air Group Inc (NYSE:ALK) also reported quarterly results that topped analyst estimates, but the airline’s guidance’s for slower revenue growth spooked investors, and soured sentiment on the other airline stocks including Southwest Airlines Company (NYSE:LUV), American Airlines Group (NASDAQ:AAL), and Spirit Airlines (NYSE:SAVE).

Alaska guided annual revenue growth for 2023 to increase 8% to 10%, missing Wall Street estimates for growth of 11%.

PacWest reportedly in sale talks; shares plunge

PacWest Bancorp (NASDAQ:PACW) is in advanced discussion to sell the company to Banc of California (NYSE:BANC), the Wall Street Journal reported on Tuesday, citing unnamed sources familiar with the matter. Its shares sank 27%.

PacWest, which is down 66% year to date, is set to report quarterly results after the market closes.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.