Stocks Rise Before $12 Trillion in Tech Earnings: Markets Wrap

(Bloomberg) -- A rally in some of the largest tech companies pushed stocks higher, with Alphabet Inc. reporting earnings after the closing bell.

While the S&P 500 saw mild gains, the Nasdaq Composite headed toward an all-time high. Between Tuesday and Thursday, a host of big techs with a combined market value of more than $12 trillion will report results. Google’s parent is expected to show long-term growth trends remain intact, but that may be overshadowed by worries over the unquantified cost of antitrust action.

“We expect that investors will need to see bigger revenue and earnings surprises for the group to outperform,” according to Chris Senyek at Wolfe Research. “Our sense is a solid earnings season could once again put the group on a path to outperform into year-end.”

Just about a week away from the Federal Reserve decision, data showed US job openings fell to the lowest since early 2021. The figures run counter to the September employment report that pointed to a still-strong labor market, which prompted traders to trim bets on another big rate cut. A separate reading showed consumer confidence hit the highest since the start of the year.

The S&P 500 rose 0.3%. The Nasdaq 100 added 0.9%. The Dow Jones Industrial Average was little changed. Advanced Micro Devices Inc., which will also report earnings, climbed. Homebuilder stocks sank D.R. Horton Inc. delivered a disappointing forecast.

Treasury 10-year yields advanced two basis points to 4.30%. A $44 billion sale of seven-year notes was strong, following a pair of weak auctions earlier this week. Bitcoin rallied past $72,000 for the first time since April. 

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