The Australian share market is set to open Wednesday on a positive note, despite results from some of the world's biggest companies failing to enthuse US investors.
Big tech companies like Google and Microsoft are doing well out of the pandemicAt 7:15am AEST, ASX 2000 futures were up 0.2 per cent to 7,021.After rising above 78 US cents yesterday, the Australian dollar has dropped against all major currencies.The S&P 500 and Dow ended near flat as investors focused on a wave of earnings reports from Microsoft, Google's parent company Alphabet, and other tech heavyweights.
Microsoft made the transition as smartphones became more popular, eroding demand for its flagship Windows operating system for PCs.Electric-car maker Tesla also dropped 4.5 per cent on Tuesday trade after its quarterly results late the previous day did not excite investors. They showed a reliance on bitcoin and environmental credits for profitability.
"After about 30 per cent of companies in the S&P500 earnings reports, in spite of 88 per cent of companies beating earnings expectations, just 58 per cent of reporting companies have seen a higher stock price post-result," they said.First-quarter overall earnings per share for S&P 500 companies are expected to jump 35 per cent from a year earlier.
The retailer took a big hit early in the pandemic when people were staying home and not venturing out for coffees.
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