Traders enactment connected the level astatine the New York Stock Exchange connected Sept. 19, 2024.
Brendan McDermid | Reuters
S&P 500 futures roseate connected Tuesday night, arsenic traders prepared for further reports from large tech companies and looked up to a cardinal speechmaking connected the economy's growth.
Futures tied to the wide marketplace scale added astir 0.2%, portion Nasdaq 100 futures inched up by 0.1%. Dow futures roseate 46 points, oregon 0.1%.
Alphabet kicked disconnected a large week for megacap tech earnings. The Google genitor exceeded analysts' expectations arsenic the institution saw strong quarterly gross growth from its unreality business, starring shares up 5% aft marketplace close.
Also successful tech, Snap and Reddit shares jumped 8% and 22%, respectively, connected beardown quarterly results. Chipmaker AMD slid 8% arsenic its fourth-quarter revenue guidance failed to impressment investors, contempt posting beardown maturation successful its information halfway unit.
Tech titans Meta Platforms and Microsoft are acceptable to study connected Wednesday, while Apple and Amazon are owed Thursday.
On the economical front, investors are anticipating the first preliminary speechmaking of the gross home product retired connected Wednesday. The study is expected to amusement that GDP grew astatine a 3.1% annualized gait successful the 3rd quarter, according to the Dow Jones statement forecast. That would beryllium conscionable 0.1 percentage constituent above the erstwhile play if accurate, and would beryllium the 10th consecutive 4th of expansion. It's besides expected to amusement ostentation moving person to oregon coming retired beneath the Federal Reserve's 2% ostentation target.
In anticipation of the Big Tech net releases, investors drove the Nasdaq Composite to a caller grounds during Tuesday's trading session. The Nasdaq precocious 0.78%, portion the S&P 500 added 0.16%. The 30-stock Dow underperformed, shedding 0.36%.
"Growth-oriented stocks, similar the NASDAQ 100, returned to leadership," connected Tuesday, Rob Haworth, elder concern strategist astatine U.S. Bank Asset Management, said. "We are intimately monitoring tech net releases to guarantee businesses concern successful artificial quality and different productivity enhancing tools remains robust to enactment beardown aboriginal net growth."
Haworth added that helium is intimately watching the quarterly GDP study to recognize the wellness of the consumer, which appears resilient.
Alphabet, Chipotle, Visa among stocks making biggest moves aft close
Check retired the companies making headlines successful after-hours trading:
- Chipotle Mexican Grill — The burrito concatenation reported mixed quarterly results and shares dipped 3%. Chipotle reported adjusted net of 27 cents per share, exceeding expectations of 25 cents a stock from analysts polled by LSEG. Revenue came retired astatine $2.79 cardinal for the period, conscionable shy of analysts' forecast of $2.82 billion. The company's same-store income roseate 6% for the quarterly period, besides falling abbreviated of estimates.
- Alphabet — Shares of the Google genitor added 4% aft the company exceeded Wall Street's top- and bottom-line estimates. Alphabet posted net of $2.12 per stock connected gross of $88.27 billion, portion analysts polled by LSEG expected net of $1.85 per stock connected $86.30 cardinal successful revenue. The megacap tech titan saw its gross turn 15% twelvemonth implicit year, stronger than the aforesaid 4th past year, arsenic Google Cloud gross bushed expectations.
- Visa — The planetary payments institution bushed net and gross expectations for the fiscal 4th quarter, driving shares up astir 1.5%. Visa posted adjusted net of $2.71 per stock connected gross of $9.62 billion. Analysts polled by LSEG expected net of $2.58 per stock connected gross of $9.49 billion. The institution also increased its quarterly dividend by 13% to 59 cents.
For the afloat list, work here.
— Pia Singh
Chewy shares descent aft Keith Gill announces sale
Chewy shares slipped astir 2% successful extended trading connected Tuesday aft Keith Gill — the antheral known online arsenic meme banal person Roaring Kitty — dissolved his passive involvement successful the pet-focused ecommerce retailer.
Gill said successful a regulatory filling that helium zeroed retired his position. The trader, who's credited with helping thrust 2021's iconic abbreviated squeeze, had a 6.6% holding successful the institution arsenic of a July 1 filling.
Meme banal enthusiasts person followed Gill's moves since his return to the internet earlier this year. Before his reappearance, Gill had not been seen online for astir 3 years.
Chewy shares person climbed astir 13% successful 2024, putting the banal connected way for its archetypal affirmative twelvemonth since 2020.
— Alex Harring
English (US) ·