By Geoffrey Smith
Investing.com – Google parent Alphabet (NASDAQ 🙂 stood out from the crowd on Wednesday morning as Wall Street opened in a cautious mood ahead of the Federal Reserve's political announcements.
Alphabet stock rose 3.8% on a earnings update that showed robust growth across all of its businesses. Similar strong post-bell results from Apple (NASDAQ 🙂 and Microsoft (NASDAQ 🙂 on Tuesday – the three combined posted $ 57 billion in profit for the quarter – have reinforced beliefs that many of the consumer habits adopted since the pandemic began doing this will be permanent and not just temporary.
By 9:45 a.m. ET (1345 GMT), it had risen 30 points, or 0.1%, to 35,088. Despite Big Tech's strong results, the company underperformed, losing less than 0.1% while falling 0.2%.
At Microsoft and Apple, the spectacular results were already baked into the share price despite the usual illusion of "sales exceeding estimates". Apple stock fell 2.4% while Microsoft stock fell 0.2%.
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