A sharp rally in Microsoft stock, alongside less ebullient gains for Alphabet's shares, looked set to spark a rebound for Wall Street on Wednesday.
How are stock-index futures trading On Tuesday, the Dow Jones Industrial Average DJIA fell 345 points, or 1.02%, to 33531, the S&P 500 SPX declined 65 points, or 1.58%, to 4072, and the Nasdaq Composite COMP dropped 238 points, or 1.98%, to 11799.
What’s driving markets A sharp rally in Microsoft stock, alongside less ebullient gains for Alphabet’s shares, looked set to spark a rebound for Wall Street on Wednesday. The S&P 500’s 1.6% slide took the stock benchmark back towards the middle of the 3,800 to 4,200 range it has inhabited for nearly six months, noted Julian Emanuel, strategist at Evercore ISI.
“Microsoft and Alphabet, two firms whose fates feel increasingly intertwined thanks to their competing AI search offerings, both demonstrated some resilience as their earnings came in ahead of forecast,” Mould added.
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