Tech giants Microsoft and Alphabet posted quarterly results late Tuesday, kicking off Big Tech earnings.
S&P 500 futures were little changed Tuesday night as investors digested quarterly results from tech giants Microsoft and Alphabet.in the fiscal first quarter. Investors were particularly optimistic on the company's revenue growth, particularly from its Azure cloud segment. Meanwhile,The major averages all notched gains in the main trading session on the back of several strong corporate earnings reports.
During a relatively quiet week for economic data, Wall Street will look toward September's building permits and new home sales numbers for insight into the housing market.Michael Townsend, managing director of legislative and regulatory affairs at Charles Schwab, said Tuesday that he wouldn't be surprised if the U.S. federal government shuts down next month, but that Wall Street would likely shrug it off like it has in prior years.
"I'm not really worried about how the market will react if we do have a shutdown," Townsend said at Schwab's Impact conference in Philadelphia.. The continued failure to find a Speaker means that Rep. Patrick McHenry of North Carolina could end up getting some temporary powers in order to help Congress operate, Townsend said.
The Schwab expert also said that the federal deficit is becoming a bigger factor in markets due to higher interest rates but that there is not urgency in Washington to address the budget shortfall in a significant way. "The changes in spending that even Republicans are talking about are tiny drops in the bucket compared to these big issues," Townsend said.that topped analysts' estimates. Microsoft posted earnings per share of $2.99 on $56.52 billion in revenue. Meanwhile, analysts had forecast EPS of $2.65 on $54.50 billion in revenue, according to LSEG, formerly known as Refinitiv.
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S&P 500 futures gain as Treasury yields fall further, Microsoft and Alphabet earnings loomJamie Chisholm is a markets reporter based in London.
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