PARIS (Reuters) – The New York Stock Exchange opened higher on Wednesday, buoyed by strong results from several companies, including Google’s parent company Alphabet, supporting a further rally in tech stocks after a tumultuous start to the year. .
In early trading, the Dow Jones index gained 67.98 points, or 0.19%, to 35,473.22 points and the broader Standard & Poor’s 500 rose 0.55% to 4,571.74 points.
The Nasdaq Composite took 0.85%, or 122.27 points, to 14,468.27.
Alphabet on Tuesday reported record quarterly revenue that beat expectations, pushing the stock up 8.7%.
AMD, which also published its results on Tuesday, for its part takes 9.4% in favor of a sales forecast for this year above expectations. In its wake, its competitors Qualcomm, Nvidia and Micron Technology advance from 1.7% to 2.3%.
Meta Platforms, which will announce its quarterly results in the evening, gained 1.2%, while Amazon, whose accounts are expected on Thursday, took 1.1%.
“After all the January tumult, strong earnings can be a catalyst for gains,” said Markets.com analyst Neil Wilson. He said he expects Alphabet’s earnings to boost confidence in tech stocks, with the Nasdaq losing as much as 19% last month since its peak in November.
Among companies that have already released their quarterly results, 78.8% of them have so far exceeded earnings expectations compared to an average of 84% over the past four quarters, according to Refinitiv data.
Side values in decline, Paypal fall of more than 21%, penalized by the announcement of a turnover and a profit for the current quarter lower than the forecasts. The Starbucks coffee chain declined for its part by 3.3%, due to a lowering of its annual profit forecast.
On a sector basis, half of the S&P-500 compartments are in the green, with the biggest increase coming from the communication services sector and the biggest decline being that of energy.
In terms of economic indicators, the monthly survey by the firm ADP showed, before the publication of the monthly report from the Department of Labor on Friday, that the private sector in the United States had unexpectedly destroyed 301,000 jobs in January.
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(Written by Claude Chendjou, edited by Jean-Michel Bélot)
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