By Angus Berwick and Gunjan Banerji
It's a big week for the tech trade.
Investors are parsing through a wave of earnings results from the biggest tech companies in the market. Alphabet stock is falling ahead of the opening bell, putting Google's owner on pace for its worst day since a bout of AI-related jitters in February. That's in contrast to strong cloud results at Microsoft, which have boosted its shares.
The earnings deluge continues Wednesday, with Facebook parent Meta Platforms, Barbie maker Mattel and IBM due to report after the closing bell.
Futures tracking the S&P 500 and Nasdaq are edging lower, suggesting a pause to the stock rally this week. Every sector of the S&P 500, bar energy, rose Tuesday on a wave of better-than-expected earnings.
In other market news :
-- Yields on benchmark 10-year Treasury notes inched up, but held below the
16-year high of 5% reached Monday.
-- Bitcoin prices continued their ascent.
-- Shares of Germany's Deutsche Bank shot up after it reported that higher
interest rates had benefited its lending business and signaled it would
raise shareholder payouts.
-- A punishing selloff sent France's Worldline down more than 50%, in
another setback for Europe's financial-technology sector.
-- Microsoft stock rose 3% premarket after the company's quarterly revenue
and net income beat analysts' expectations.
Write to Angus Berwick at angus.berwick@wsj.com and Gunjan Banerji at gunjan.banerji@wsj.com
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(END) Dow Jones Newswires
October 25, 2023 09:19 ET (13:19 GMT)
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