U.S. Stocks Rally with Tech Giants Lagging Behindđ
US stocks enjoyed another 0.5%-1% rally, though Big Tech was actually the main laggard on mixed earnings results from the tech giants. Alphabet's Q3 results met headline expectations, but deceleration in Cloud revenue, causing the stock to sink ~6% after hours. Microsoft jumped on a sales beat but shares retraced during the management call on more conservative forecasts. Old-school industrial stocks fared much better on the day with a clean beat from GE, 3M, RTX (aerospace defense), Verizon, and Coca-Cola.
#BigTech #MixedEarnings #Alphabet #SalesBeat #OldSchoolIndustrial
