Today, the stock market reacted to the Q3 earnings reports of several major tech companies, including Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), and Meta Platforms (NASDAQ:META). Microsoft's shares witnessed a near-4% increase following their successful cloud segment performance. Their sales reached $56 billion, exceeding expectations, largely due to Azure cloud business and AI investments.
Contrastingly, Alphabet, Google's parent company, experienced an 11% year-over-year revenue increase but saw a near-7% share drop. The decrease was attributed to disappointing results from its cloud business segment. Pre-market stocks for other tech heavyweights like Amazon (NASDAQ:AMZN) and Meta also declined by 1.6% and 1%, respectively.
The stock futures for Nasdaq and S&P 500 declined by 0.6% and 0.4%, respectively, while Dow Jones futures rose by 43 points. Deutsche Bank shares surged nearly 7% pre-market.
In addition to tech company performances, rising Treasury yields also influenced the market. The 10-year yield reached 4.87%, while the 30-year yield approached the critical 5% mark.
The market also responded to other influential factors such as September's new home sales data and earnings reports from Boeing (NYSE:BA), IBM (NYSE:IBM), and General Dynamics (NYSE:GD).
Looking forward, Apple (NASDAQ:AAPL) announced the "Scary Fast" event for October 30th where it plans to debut the M3 Mac chip and a revamped iMac lineup in response to a 7% Q3 dip in Mac sales. Market observers are eagerly awaiting Apple's Q4 earnings expected on November 2nd.
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