Nasdaq Touches Record Postmarket as Alphabet Prints – US Market Wrap

Stocks rose as some of the largest tech companies rallied, including Alphabet, which rose in late hours after earnings exceeded expectations.

The Nasdaq Composite reached an all-time high, while the S&P 500 rose modestly. Between Tuesday and Thursday, a slew of big tech companies with a combined market value of more than $12 trillion will report earnings. Following the close of regular trading, Google’s parent company’s shares rose 3.5%. Advanced Micro Devices Inc. fell 6% following a disappointing revenue forecast. Stocks rose as some of the largest tech companies rallied, with Alphabet leading the way in late hours after earnings beat expectations.

Just a week before the Federal Reserve’s decision, data showed that US job openings had fallen to their lowest level since early 2021. The figures contradict the September employment report, which showed a still-strong labour market, prompting traders to reduce bets on another large rate cut. A separate reading revealed that consumer confidence reached its highest level since the beginning of the year.

The S&P 500 increased by 0.2%. The Nasdaq 100 gained 1%. The Dow Jones Industrial Average declined 0.4%. Bitcoin’s rally has put it on track to surpass its March record high of nearly $74,000. Treasury 10-year yields fell two basis points, to 4.27%.