U.S. stock futures were trading in a mixed fashion during Tuesday’s evening deals, following gains among major benchmark averages as investors remained focused on fresh earnings results from tech giants Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc. (NASDAQ:GOOG).
By 6:25pm ET (10:25pm GMT) Dow Jones Futures were up by 0.1%, S&P 500 Futures dipped 0.2% and Nasdaq 100 Futures slipped 0.3%.
In extended deals, Microsoft (NASDAQ:MSFT) added 3.5% after reporting Q1 EPS of $2.99 versus $2.65 expected while revenues came in at $56.5 billion versus $54.53 expected. The company’s cloud computing platform Azure also grew 29% in the quarter, compared to expected growth of 26%.
Alphabet Inc. (NASDAQ:GOOGL) shed 6.5% after the company reported Q3 EPS of $1.55 versus $1.45 expected, while revenues were reported at $76.69 billion versus $75.98 billion expected. Cloud revenue rose to $8.4 billion versus $8.6 billion expected.
Texas Instruments (NASDAQ:TXN) dipped 4.6% reported Q3 EPS of $1.80 versus $1.82 expected, while revenues were reported at $4.53 billion versus $4.57 billion expected.
Ahead in Wednesday’s trade, investors will be monitoring building permits, new home sales as well as a speech from Fed Chair Powell.
Major earnings are also expected to continue with Meta Platforms Inc (NASDAQ:META), International Business Machines (NYSE:IBM), T-Mobile US Inc (NASDAQ:TMUS) and Boeing Co (NYSE:BA) set to report quarterly results.
During Tuesday’s regular trade, the Dow Jones Industrial Average gained 205 points or 0.6% to 33,141.4, the S&P 500 added 30.7 points or 0.7% to 4,247.7 and the NASDAQ Composite lifted 121.6 points or 0.9% to 13,139.9.
On the bond markets, United States 10-Year rates were at 4.819%.
Treasury yields steady after recent selloff
Treasury yields steadied after a selloff a day earlier, but the move lower doesn’t appear to be a “fundamental shift in investors’ sentiment of policy or the underlying economy, but rather a number of larger players shifting positions,” Stifel said in a note.
Treasury yields sold off sharply on Monday, with the yield on the 10-year Treasury retreating after famed investor Bill Ackman announced that he had closed his bet on lower bond prices, citing “too much risk.”
The Federal Open Market Committee two- day meeting gets underway on Oct. 31, and is expected to culminate in unchanged decision next month.
Bitcoin continues to ride ETF optimism
Bitcoin (BitfinexUSD) jumped more than 7% briefly rising above $35,000 for the first since time since 2022 amid ongoing optimism that a spot-bitcoin ETF may soon be approved.
The surge in bitcoin lifted other cryptocurrencies, with Ethereum and Solana sharply higher.
Coca-Cola, GE and 3M lift guidance after delivering quarterly earnings beat
Coca-Cola Co (NYSE:KO) closed nearly 3% higher as the beverage giant upgraded its annual guidance after reporting better-than-expected quarterly results, underpinned by price hikes.
General Electric (GE) Earnings Dates & Reports
General Electric Company (NYSE:GE) also raised its guidance on full-year performance following earnings and revenue that topped Wall Street estimates. The conglomerate also said it was targeting a planned spinoff of its renewable energy business, GE Vernova, in Q2 next year,
3M Company (NYSE:MMM) sidestepped its recent legal troubles to deliver a Q3 report that topped analyst estimates, sending its share price more than 5% higher. – Investing.com
