Alphabet, Microsoft, SK Hynix, Robinhood, and More Stocks That Explain Today's Market

Dow Jones10-28 17:56

Stock futures were rising on Wednesday ahead of the Federal Reserve's looming interest-rate decision and two Big Tech earnings reports.

Alphabet climbed 1.2% ahead of the opening bell. The Google parent is set to report its third-quarter earnings after the close, with investors likely to zero in on its spending on artificial intelligence.

Microsoft slipped 0.3%. It's due to post its fiscal first-quarter results on Wednesday. Like Google, the market is likely to focus on the IT giant's heavy AI capital spending, which has eaten away at its free cash flow.

SK Hynix jumped 7.5%. The South Korean memory-chip maker reported stellar third-quarter earnings and said it expects demand to outpace supply through 2030. The record-breaking results also boosted shares of rivals Micron and Samsung.

Robinhood Markets tumbled 7.9%. The online trading platform reported weaker-than-expected sales for the third quarter, as a slump in the price of Bitcoin and other digital assets weighed on its crypto revenue.

Seagate Technology slid 3.3%. The hard-disk-drive maker's fiscal first-quarter results beat analysts' expectations, but not by enough to stop investors locking in some profit. Shares are up 143% this year.

GE Vernova, Automatic Data Processing, Phillips 66, Vertiv, Boston Scientific, Old Dominion Freight Line, and Biogen are among the companies set to report earnings ahead of Wednesday's opening bell.

 

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