S&P 500 futures tick higher as Alphabet shares jump on earnings beat: Live updates

Published On Oct 29, 2024, 6:05 PM

U.S. stock futures rose as traders anticipated earnings reports from major tech companies. Alphabet reported strong earnings, boosting its stock by 5%. Snap and Reddit saw their shares rise significantly on positive quarterly results, while AMD's stock fell due to disappointing revenue guidance. The market is focusing on upcoming reports from other tech giants like Meta, Microsoft, Apple, and Amazon. Additionally, investors expect a GDP report indicating continued economic growth with reducing inflation. This positive sentiment led to a record high for the Nasdaq Composite index, while the S&P 500 and Dow Jones showed mixed performance.

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Stock Forecasts

GOOGView GOOG chart on TradingView

Positive

Alphabet's stock is expected to remain strong given their positive earnings results and market anticipation. The strong performance in their cloud business indicates robust demand which will likely sustain growth in share price.

SNAPView SNAP chart on TradingView

Positive

Snap's stock has gained significantly on strong earnings, suggesting ongoing momentum and potential for further increases as they capitalize on engagement and advertising demand.

AMDView AMD chart on TradingView

Negative

AMD's recent revenue guidance has disappointed investors, suggesting potential for decline in stock price as growth expectations may be lowered.

QQQView QQQ chart on TradingView

Positive

Looking ahead, robust earnings from significant tech companies can bolster overall market sentiment, particularly for those within the Nasdaq index which focuses on growth stocks.

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