US stocks edge higher as investors digest earnings results from mega-cap tech
- US stocks moved higher on Wednesday as investors digested earnings results from mega-cap tech companies.
- Apple, Microsoft, and Alphabet all delivered earnings results that smashed analyst estimates.
- Now investors are trying to determine if the strong growth in tech is sustainable.
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All three tech giants easily surpassed analyst's revenue and EPS estimates, helping boost shares of Microsoft and Alphabet in trades on Wednesday. Apple traded slightly lower as investors questioned if Apple's strong growth rates were sustainable.
The strong moves in US tech companies are in stark comparison to Chinese tech stocks, which continue to sell off as increased regulation from Beijing spreads to various industries. Cathie Wood's Ark Invest continued to sell off their stakes in Chinese tech companies on Tuesday.
Investors are also awaiting the conclusion of the two-day meeting of the Federal Open Market Committee, which will give an indication on the direction of central bank asset purchases, rates, and views on inflation.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Wednesday:
- S&P 500: 4,406.12, up 0.11%
- Dow Jones industrial average: 35,066.09, up 0.02% (7.57 points)
- Nasdaq composite: 14,717.76, up 0.4%
Robinhood's expected IPO later this week will not be bought by some large asset managers, as they are reportedly going to sit out the offering in fear of retail-driven volatility. The retail brokerage app is now testing a new feature that will let users invest their spare change into select stocks.
Crypto-exchange Binance said it will step up its compliance efforts, including data-sharing with regulators and implementing a tax-tracking tool. The company has come under fire from a number of jurisdictions for its lack of compliance safeguards.
Crypto bull Mike Novogratz criticized Senator Elizabeth Warren's anti-crypto stance on Tuesday, saying that DeFi is far more transparent than banks. Warren had sent a letter to Treasury Secretary Janet Yellen calling for tougher rules on cryptocurrencies.
Gold fell 0.16%, to $1,797.11 per ounce.
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