Despite a post-earnings pop out of Alphabet (GOOGL) that drove the Nasdaq to a fresh record high at the open, the tech-heavy benchmark sank into the red by the close and snapped its four-day win streak. Meanwhile, peer S&P 500 trailed with a loss of its own, and the Dow fell into the red in the final minutes of trading. Big Tech’s barrage will continue tonight and tomorrow, with Apple (AAPL), Amazon.com (AMZN), and Microsoft (MSFT) some of those slated to report.
Continue reading for more on today’s market, including:
- More on the Alphabet stock AI pop.
- Blue chip desperate for earnings redemption.
- Plus, semiconductors making noise; social media stocks popping; and Rocky White suspects a looming underperforming market.
5 Things to Know Today
- Despite looming fears, the U.K.’s Labour Party released its first budget since taking the reigns, with a less aggressive plan than expected, which eased markets. (Reuters)
- Just ahead of its earnings report, Apple revealed its new MacBook Pro laptops, which sport upgraded M4 chip processors. (CNBC)
- A pair of semiconductors making noise.
- Social media stocks enjoy post-earnings surge.
- An underperforming market could be around the corner.
Oil, Gold Post Healthy Sessions
Oil managed to log a daily gain as investors eyed an unexpected drop in inventories for the past week and a lift in gasoline demand. November-dated West Texas Intermediate (WTI) crude rose $1.40, or 2.1%, to settle at $68.61 per barrel for the session.
Fresh off another record above $2,800 this afternoon gold futures logged a healthy win for the session. Gold for December delivery closed up 0.7% or $19.70, at $2,800.80.
