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The Fund employs a passive management or indexing investment approach designed to track the performance of the Underlying Index, which was developed by IndexIQ LLC (IndexIQ), an affiliate of IndexIQ Advisors LLC, the Funds investment advisor (the Advisor). The Underlying Index seeks to provide exposure to innovative companies by investing in the equities of US large cap companies that have high research and development (R&D) spending.

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Amazon.Com Inc

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Merck & Co Inc.

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IQ US Large Cap R&D Leaders ETF

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Equities

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iShares Trust S&P Global Telecommunications Sector Index Fund

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IndexIQ ETF Trust IQ U.S. Large Cap R&D Leaders ETF

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Direxion Shares ETF Trust Direxion Daily Concentrated Qs Bull 2X Shares

QQQU

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Alphabet Inc. (NASDAQ: GOOGL) reports beats expectations in Q3, driving combined market cap of tech giants to $16.8T.

Alphabet&#39;s Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday

NYLI U.S. Large Cap R&D Leaders ETF

Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), the parent company of Google, reported stellar third-quarter earnings that not only beat Wall Street&#8217;s expectations but also drove the combined market cap of the &#8220;Magnificent Seven&#8221; tech giants to <a href="https://www.benzinga.com/topic/magnificent-7">an unprecedented $16.8 trillion.</a>



Alphabet's earnings per share came in at $2.12, a 37% increase over the same quarter last year, far exceeding the consensus estimate of $1.55, according to data from <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1">Benzinga Pro.</a>



Revenue reached $88.27 billion, representing a 15% year-over-year rise and surpassing the $86.39 billion that analysts anticipated.



Google advertising business was a key factor leading to the rise in revenue, totaling $65.9 billion, up from $59.6 billion last year. 



Read More: <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">Alphabet Q3 Earnings Highlights: Revenue Beat, EPS Beat, Google Cloud Up 35%, &#8216;Momentum Across The Company Is Extraordinary&#8217;</a>



<h3 class="wp-block-heading">Alphabet Stock Surge Adds Over $150 Billion To Market Cap</h3>



As a result of these impressive numbers, Alphabet's shares rallied over 6% by mid-morning on Wednesday, marking its best trading session since April. 



The stock price increase translated into a more than $150 billion rise in Alphabet&#8217;s market capitalization, which now stands at $2.239 trillion.



Alphabet's surge also gave a substantial lift to the combined valuation of the Magnificent Seven, pushing it to a record-high $16.8 trillion. 



<h3 class="wp-block-heading">Mixed Performance Among the Magnificent 7</h3>



While Alphabet soared on the back of its strong quarterly report, other stocks within the Magnificent Seven showed mixed performance on Wednesday. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) slid as investors grew cautious on semiconductor stocks following weaker-than-expected earnings from Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>).



The week remains pivotal for the Magnificent Seven, as several other tech giants are set to release their quarterly earnings. Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) will report their results after the close on Wednesday, while Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) will follow suit on Thursday after the market close.



Looking at the group's recent performance, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) emerged as the strongest over the last five days, with its stock gaining 20.28% following a positive reaction to its recent earnings report.



Here's a breakdown of market caps, recent price changes and year-to-date returns for each company within the Magnificent Seven:



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Name</td><td>Market Cap</td><td>Price Chg (5 Days)</td><td>Total Return (YTD)</td></tr><tr><td>Apple Inc.</td><td>$ 3,526.02</td><td>-1.67%</td><td>20.91%</td></tr><tr><td>NVIDIA Corporation</td><td>$ 3,416.76B</td><td>-3.00%</td><td>181.33%</td></tr><tr><td>Microsoft Corporation</td><td>$ 3,255.49B</td><td>2.43%</td><td>17.08%</td></tr><tr><td>Alphabet Inc.</td><td>$ 2,237.83B</td><td>9.48%</td><td>29.92%</td></tr><tr><td>Amazon.com, Inc.</td><td>$ 2,035.74B</td><td>2.25%</td><td>27.66%</td></tr><tr><td>Meta Platforms, Inc.</td><td>$ 1,507.24B</td><td>2.37%</td><td>68.83%</td></tr><tr><td>Tesla, Inc.</td><td>$ 841.61B</td><td>20.28%</td><td>5.51%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">10 ETFs Moving On Alphabet Rally </h3>



Alphabet's post-earnings rally has boosted several exchange-traded funds with significant exposure to the stock.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>ETF Name</th><th>Weight %</th><th>1-day %chg</th></tr></thead><tbody><tr><td>Direxion Daily GOOGL Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GGLL#NYSE">GGLL</a>)</td><td>18.49%</td><td>+10.7%</td></tr><tr><td>iShares Global Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IXP#NYSE">IXP</a>)</td><td>12.61%</td><td>+1.8%</td></tr><tr><td>Fidelity MSCI Communication Services Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCOM#NYSE">FCOM</a>)</td><td>12.40%</td><td>+1.8%</td></tr><tr><td>Vanguard Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOX#NYSE">VOX</a>)</td><td>11.87%</td><td>+1.9%</td></tr><tr><td>Direxion Daily Magnificent 7 Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQU#NYSE">QQQU</a>)</td><td>10.73%</td><td>+2.5%</td></tr><tr><td>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td><td>10.70%</td><td>+1.5%</td></tr><tr><td>Kurv Technology Titans Select ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KQQQ#NYSE">KQQQ</a>)</td><td>8.96%</td><td>+1.1%</td></tr><tr><td>NYLI U.S. Large Cap Core ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LRND#NYSE">LRND</a>)</td><td>8.53%</td><td>+0.6%</td></tr><tr><td>Invesco AI and Next Gen Software ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGPT#NYSE">IGPT</a>)</td><td>8.12%</td><td>-0.8%</td></tr><tr><td>ProShares Ultra Communication Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTL#NYSE">LTL</a>)</td><td>7.99%</td><td>+3.5%</td></tr></tbody></table></figure>



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Alphabet's Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday

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Latest NYLI U.S. Large Cap R&D Leaders ETF News | NASDAQ:LRND | Benzinga

Wednesday, October 30, 2024

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