With no big tech stocks announcing before the open, the equity futures markets are mixed as investors consider other sectors. However, yesterday’s big tech had plenty of news that took the S&P 500 (SPX) to another record high. Let’s look at some of this morning’s announcements and then some of yesterday’s newsmakers.
Moving from food to cars, General Motors (NYSE:GM) was up 3% in premarket trading and then fell into the red. The company beat on earnings but fell short on revenue. Ford (NYSE:F) reports after the close.
After the bell on Tuesday, a rush of earnings was announced that lit up the CNBC app on my thinkorswim® platform. Commentators struggled to stay on top of them, and they have teams of production assistants. So, I’m just going to touch on a few.
Big Tech Biggies
This week is Big Tech week, and Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) are two of the biggest. Both reported better-than-expected earnings and revenues after Wednesday’s close, but they had different market reactions.
Financials Feeling Less Fine
Spending Bill Gaining Momentum
The congressional spending bill is getting closer to passing. This could be a good sign for a Congress that has been gridlocked to show they can get something done. However, many investors are concerned about the potential tax implications, particularly around capital gains taxes. This is because an increase could have a negative effect on the markets if investors feel the need to adjust their portfolios before the end of the year.
Meanwhile, Raytheon (NYSE:RTX) soundly beat earnings estimates but missed revenue. The company reported that it struggled to meet sales goals and was hurt by the Afghanistan withdrawal.
Later this week, Northrop Grumman (NYSE:NOC) will also post earnings.
Digital Defense: Consumers are demanding privacy, and Apple and Google are trying to deliver, but the moves to provide privacy have other businesses up in arms. Apple started using a pop-up window back in April for iPhones that ask people if they want to give apps permission to follow them. Google is working on plans to disable the tracking technology in its Chrome web browser.
The change has already been felt by Snap and Facebook, which thrive on direct advertising. Big tech has come under fire many times for trading in personal information to sell advertising. Apparently, Apple and Google have listened to the criticisms and found a way to please their customers who are concerned about their privacy.
If the trend continues and enough consumers opt-out of being tracked, the business could get harder for these platforms and for companies that rely on the platforms to drive customers.
Alibaba has struggled after the company came under scrutiny from Chinese regulators. However, the company has exceeded its quarterly target for active users and is scheduled to report earnings on November 5.
TD Ameritrade® commentary for educational purposes only. Member SIPC.
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