Traders on the floor of the New York Stock Exchange.
Ted Shaffrey | AP
S&P 500 futures fell on Tuesday evening as investors digested quarterly results from tech giants Microsoft and Alphabet.
Futures tied to the S&P 500 lost 0.1%. Nasdaq 100 futures fell 0.2%. Meanwhile, Dow Jones Industrial Average futures rose 67 points, or 0.2%.
Shares of Microsoft rose 3.7% after the bell on Tuesday after better-than-expected fiscal first-quarter results. Investors were particularly optimistic about the company’s revenue growth, particularly in the Azure cloud segment. Meanwhile, shares of Alphabet fell more than 6% as its cloud business fell short of analysts’ estimates and dwarfed revenue growth and above-average profits.
The major averages all posted gains in the main trading session on the back of several strong corporate earnings reports. The Dow gained more than 200 points, or 0.6%, breaking a four-day losing streak. The S&P 500 and Nasdaq Composite gained 0.7% and 0.9%, respectively.
“Overall, we are seeing mixed to positive results in the reporting season. So I think we can go back to that Goldilocks period where we can dream that they’ll stop raising rates and at some point there will be adjustment – and in the meantime – growth,” Adam said Parker, founder and CEO of Trivariate Research, on CNBC’s “Closing Bell” on Tuesday. “I think on this basis we will finish the year better.”
Traders will be keeping an eye on several more key quarterly reports in one of the busiest weeks of earnings season. Boeing will report its quarterly results before the bell on Wednesday, followed by IBM and Meta in the afternoon.
In a relatively quiet week for economic data, Wall Street will be looking to building permits and new home sales in September for insight into the real estate market.