U.S. stocks edged away from record territory Tuesday as investors sold shares of technology and communications stocks and Treasury yields climbed.
Google and Microsoft reported their earnings a couple of hours ago.
Google / Alphabet
Alphabet Q1 earnings per share came in at the $26.29 vs. $15.82 estimated while the Q1 Revenues were reported at $55.31B vs. $51.70B estimated. This was a significant beat over analysts’ expectations and the GOOGL stock price was up 4.3% in after hours.
The company’s Revenues were up 19% over the last year, the highest YoY growth rate since 2016. Besides, Microsoft Q3 earnings per share was reported at $1.95 vs. $1.78 estimated; Q3 Revenues came in at $41.71B vs. $41.03B estimated. Despite solid numbers, the MSFT stock price dropped in after hours.
Apple, Facebook and Amazon report during the next two sessions. If they deliver solid quarterly results that are significantly above analysts’ expectations, this might provide enough fuel to push the Nasdaq index above the critical 14000 level and into the new all time high territory.