Sunday, September 25

Google and Microsoft shares soar after presentation of strong balance sheets

Against this, the Nasdaq index led gains among Wall Street indices on Wednesday, while a drop in oil prices affected shares of energy companies.

The S&P 500 Index and Dow Jones were looking for direction, with seven of the top 11 S&P 500 industry indices falling.

Microsoft Corp was up 4.6% after forecasting a solid end to the calendar year, helped by its burgeoning cloud business. Google owner Alphabet Inc was up 6.2% after reporting a record quarterly profit from an increase in ad sales.

Its shares, along with other megacap growth names like and Tesla Inc, provided the further boost to the Nasdaq index.

The Dow Jones Industrial Average was down 0.3%, while the S&P 500 was up a slight 0.03%. The Nasdaq Composite, meanwhile, was up 0.6%.

Concerns about rising prices, potential higher corporate taxes, and plans to phase out asset purchases by the Federal Reserve rocked markets last month, but upbeat earnings reports have bolstered sentiment in October. , which helped propel the S&P 500 and the Dow to all-time highs this week.

Energy and materials led the S&P 500 sector declines, following the decline in commodity prices.

McDonald’s Corp shares gained 1.9% after the company reported upbeat quarterly same-store sales, while Coca-Cola Co advanced 2.1% after raising its earnings forecast for the full year.

Meanwhile, Visa Inc lost 4.4% as its “conservative” forecast for 2022 dampened better-than-expected fourth-quarter earnings.