QQQ Climbs in Late Trading as AI Hype Put to Test: Markets Wrap
- Alphabet posts revenue beat; Microsoft has tepid sales growth
- Consumer confidence increase bolsters soft-landing wagers
WATCH: Javelin Wealth Management CEO Stephen Davies says he believes that investment grade markets are more attractive than high yield markets.
Source: Bloomberg
Big tech led gains in stocks on Tuesday, with traders counting on the earnings season to see whether the enthusiasm around artificial intelligence will justify this year’s market advance.
The S&P 500 closed at its highest since April 2022, the Nasdaq 100 outperformed and the Dow Jones Industrial Average saw its 12th straight advance — the longest winning run in over six years. In late trading, a $210 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) climbed as Google’s parent Alphabet Inc. reported revenue that beat analysts’ expectations. Microsoft Corp. posted tepid sales growth, while Texas Instruments Inc. gave a lukewarm forecast.