Stock market today: Dow extends win streak as tech shines ahead of earnings

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Stock market today: Dow extends win streak as tech shines ahead of earnings

Investing.com -- The Dow extended its win streak Tuesday as tech reigned supreme ahead key week of earnings for the sector and the upcoming Federal Reverse decision due Wednesday.

The Dow Jones Industrial Average rose 0.1%, or 26 points, Nasdaq was up 0.6%, and the S&P 500 rose 0.3%.

Big tech in spotlight as Microsoft, Alphabet set to report; Chip stocks soar

Alphabet (NASDAQ: GOOGL ) and Microsoft (NASDAQ: MSFT ) climbed higher into their quarterly results due after the market closes.

Microsoft’s report is likely to garner the bulk of investor attention, Wedbush says, as there “is no better barometer of the overall cloud and enterprise spending environment than Redmond [Microsoft].”

"The company’s cloud segment Azure is the key number to focus on," Wedbush adds, with the Street expecting 26% growth.

For Google, meanwhile, investor focus will likely be looking out for signs of improvement in the advertising market, updates on AI investments, and performance of the tech giant's cloud business.

Chip stocks also pushed the broader tech sector higher following a rally in NXP Semiconductors NV (NASDAQ: NXPI ) after the major automotive chip supplier reported upbeat guidance and quarterly results that topped Wall Street estimates.

The stronger-than-expected results were driven by automotive growth that looks set to continue, Oppenheimer says, as NXP's partnership with Chinese EV manufacturer NIO for 4D imaging radar and China's $72B EV tax credit subsidy provides a tailwind.

Verizon delivers mixed quarterly results, General Motors drives in earnings beat, GE shines

Verizon Communications Inc (NYSE: VZ ) was marginally higher as quarterly revenue that missed Wall Street estimates was offset by unexpected rise in its wireless subscriber base following plans to ramp up its enterprise customer base.

General Motors (NYSE: GM ), meanwhile, fell more than 3% despite reporting quarterly results that topped analyst estimates as CEO Mary Barra said the automaker plans on making further cost-cutting measures that investors fear will stifle new products.

General Electric (NYSE: GE ) lifted its full-year guidance after delivering better-than-expected quarterly results , sending its share price more than 6% higher to a 52-week high.

Alaska Air Lines guidance sours sentiment on airlines

Alaska Air Group Inc (NYSE: ALK ) also reported quarterly results that topped analyst estimates, but the airline’s guidance’s for slower revenue growth spooked investors, and soured sentiment on the other airline stocks including Southwest Airlines Company (NYSE: LUV ), American Airlines Group (NASDAQ: AAL ), and Spirit Airlines (NYSE: SAVE ).

Alaska guided annual revenue growth for 2023 to increase 8% to 10%, missing Wall Street estimates for growth of 11%.

PacWest reportedly in sale talks; shares plunge

PacWest Bancorp (NASDAQ: PACW ) is in advanced discussion to sell the company to Banc of California (NYSE: BANC ), the Wall Street Journal reported on Tuesday, citing unnamed sources familiar with the matter. Its shares sank 27%.

PacWest, which is down 66% year to date, is set to report quarterly results after the market closes.

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