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Benchmark US indices closed higher on Wednesday, February 2, after tech giant Alphabet Inc’s strong quarterly earnings the day before, lifted by the robust internet ad sales.
The S&P 500 rose 0.94% to 4,589.38. The Dow Jones gained 0.63% to 35,629.33. The NASDAQ Composite was up 0.50% to 14,417.55, and the small-cap Russell 2000 fell 1.08% to 2,028.55.
Alphabet’s strong results lifted the market sentiment. Retail traders were eagerly waiting for the results from Meta Platforms, Spotify, Qualcomm, and T-Mobile US after market close.
Analysts believe the strong results may take the attention away from the macroeconomic issues for some time, although Fed’s monetary policy will remain in focus.
Meanwhile, the national employment report on Wednesday showed the nonfarm private payrolls in the US decreased by 301,000 in one year.
On Wednesday, major oil producers reaffirmed their plan of a moderate increase in output at an OPEC meeting. The oil prices fell after the statement.
Ten out of the 11 sectors of the S&P 500 remained in the positive territory on Wednesday. Technology, real estate, and utility sectors eked out fat gains, while the consumer discretionary sector closed in the red.
Meanwhile, of the 214 companies, which have reported quarterly earnings so far, 77% have posted better-than-expected results, according to EODHD/Others.
Shares of Alphabet Inc. (GOOGL) grew over 8% a day after declaring record ad sales and a 20-for-1 stock split plan.
PayPal Holdings, Inc. (PYPL) stock plunged more than 24.5% in intraday trading after posting weak earnings and predicting weak revenue and profit growth in the first quarter of 2022.
The Advanced Micro Devices, Inc. (AMD) stock advanced 5% after reporting strong quarterly results and above the expected revenue forecast for 2022.
Healthcare firm AbbVie Inc. (ABBV) stock gained 1.4% after beating quarterly profit estimates. It expects the adjusted profit to be between US$14.00 and US$14.20 per share in 2022.
Also, in the technology sector, Meta Platform Inc. (FB) gained 1.31%, and Verizon Communication Inc. (VZ) increased by 1.08%. Communication services companies AT&T Inc. (T) and T-Mobile US Inc. (TMUS) gained 0.14% and 0.26%, respectively.
In the real estate sector, Prologis Inc. (PLD) stock surged 2.69%, American Tower Corporation (REIT) (AMT) rose 0.89%, and Crown Castle International Corp. (REIT) (CCI) was up 1.69%. Public Storage (PSA) and Equinix Inc. (EQIX) jumped 3.92% and 0.37%, respectively.
In the consumer discretionary sector, Amazon.com Inc. (AMZN) stock fell 0.77%, Tesla Inc. (TSLA) declined 2.75%, and Starbucks Corporation (SBUX) plunged 1.12%. Target Corporation (TGT) and Booking Holdings Inc. (BKNG) were down 0.97% and 0.46%, respectively.
The global cryptocurrency market fell 6.44% to US$1.66 trillion, as per coinmarketcap.com at 3:31 pm ET. Bitcoin (BTC) fell 2.60% to US$37,548.65 in the last 24 hours.
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Futures & Commodities
Gold futures surged 0.29% to US$1,806.75 per ounce. Silver futures increased by 0.27% to US$22.657 per ounce, while copper futures jumped 1.23% to US$4.4885.
Brent oil futures increased by 0.52% to US$89.62 per barrel and WTI crude futures were up by 0.18% to US$88.36.
Bond Market
The 30-year Treasury bond yields decreased 0.50% to 2.113, while the 10-year bond yields were down 1.28% to 1.777.
US Dollar Futures Index fell 0.43% at US$95.965.
