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SmartTrader > Daily Markets Wrap > Recent gains stall after mixed results from major tech companies; Earnings remain in focus, next up Meta Platforms
Daily Markets Wrap

Recent gains stall after mixed results from major tech companies; Earnings remain in focus, next up Meta Platforms

SmartTrader Analyst Team
SmartTrader Analyst Team October 25, 2023 4 Min Read
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Wednesday, October 25

► Nasdaq 100 futures edged lower after Microsoft, Alphabet, Texas Instruments (non-Nasdaq component Visa) reported overall mixed earnings.

► European stocks showcased weakness with the Stoxx 600 index trading at 0.4% lower. In the third quarter, Deutsche Bank increased revenues by 3% to EUR 7.1 billion, benefiting in particular from well performing businesses in the Corporate Bank and the Private Clients Bank, while declining revenues were recorded in Investment Banking and at the fund subsidiary DWS.

► US indices closed positively on Tuesday, with Nasdaq marking its second straight day of gains and the S&P 500 rebounding from its recent decline. However, futures indicated mixed sentiments in after-hours trading and on Wednesday, influenced by mixed tech earnings. Microsoft's stock rose ~3.5% in pre-market trading following a robust earnings report, particularly driven by Azure revenue, with upcoming results hinging on the Co-Pilot revenue forecast. On the other hand, Alphabet saw close to a ~7% dip in pre-market trading, with its 11% y/y revenue growth and Google Cloud performance falling short of expectations compared to other tech giants. Texas Instruments, the third biggest tech company reporting yesterday, is trading 5% lower in pre-market after an already disappointing performance over the last 2+ months.

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SmartTrader Analyst Team October 25, 2023
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