US stocks mixed with Nasdaq near record highs as Big Tech earnings roll in
- US stocks were mixed on Wednesday following earnings results from mega-cap tech.
- Microsoft and Alphabet reported third-quarter earnings that beat analyst expectations.
- Robinhood missed sales estimates and saw a considerable slowdown in trading activity.
US stocks were mixed on Wednesday, with the
Tech stocks were driven mostly higher by better-than-expected earnings results from Alphabet and Microsoft, which both jumped more than 5% and hit record highs. Both companies saw strong growth in their cloud units, and forward guidance remained on track for continued business growth.
Apple will look to keep the streak going when it reports earnings Thursday after the close. The iPhone maker is neck and neck with Microsoft as the most valuable company in the world.
Here's where US indexes stood at the 4:00 p.m. ET close on Wednesday:
- S&P 500: 4,551.69, down 0.5%
- Dow Jones Industrial Average: 35,490.69, down 0.74% (266.19 points)
- Nasdaq Composite: 15,235.84, up 0.01%
One earnings report that disappointed investors was Robinhood, which missed sales estimates and saw a considerable slowdown in trading activity relative to prior quarters when meme-stocks and cryptocurrencies were extremely volatile. The stock fell 11% on Wednesday.
A likely accidental trade in class A shares of Berkshire Hathaway sent the stock soaring 51% in extended hours trading on Tuesday. The gains were short lived, as only three shares traded at those levels.
Shiba inu coin continued its record run on Wednesday, surging as much as 38% to a record high and continuing its trek to become the 10th most valuable cryptocurrency in the world.
Concerns about rising inflation continue be top of mind for many investors, including Tesla CEO Elon Musk, who noted in a tweet that he is concerned about the short-term rise in prices.
Wall Street was impressed with Microsoft's earnings results, and three analysts gave their outlook on why the cloud provider could continue to surge higher.
West Texas Intermediate crude oil fell 2.89%, to $82.20 per barrel. Brent crude, oil's international benchmark, dropped 2.50%, to $84.24 per barrel.
Gold jumped as much as 0.22%, to $1,797.70 per ounce.
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