Stock market today: Dow extends win streak as tech shines ahead of earnings
Investing.com — The Dow extended its win streak Tuesday as tech reigned supreme ahead key week of earnings for the sector and the upcoming Federal Reverse decision due Wednesday.
The Dow Jones Industrial Average rose 0.1%, or 26 points, Nasdaq was up 0.6%, and the S&P 500 rose 0.3%.
Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) climbed higher into their quarterly results due after the market closes.
Both tech giants reported quarterly results after the market closed Tuesday that beat Wall Street estimates, but Alphabet took the investor plaudits, rising sharply in afterhours trading Tuesday, as investors cheered the latter's better-than-expected cloud growth.
Chip stocks also pushed the broader tech sector higher following a rally in NXP Semiconductors NV (NASDAQ:NXPI) after the major automotive chip supplier reported upbeat guidance and quarterly results that topped Wall Street estimates.
The stronger-than-expected results were driven by automotive growth that looks set to continue, Oppenheimer says, as NXP's partnership with Chinese EV manufacturer NIO for 4D imaging radar and China's $72B EV tax credit subsidy provides a tailwind.
Verizon Communications Inc (NYSE:VZ) was marginally higher as quarterly revenue that missed Wall Street estimates was offset by unexpected rise in its wireless subscriber base following plans to ramp up its enterprise customer base.
General Motors (NYSE:GM), meanwhile, fell more than 3% despite reporting quarterly results that topped analyst estimates as CEO Mary Barra said the automaker plans on making further cost-cutting measures that investors fear will stifle new products.
General Electric (NYSE:GE) lifted its full-year guidance after delivering better-than-expected quarterly
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