Tech Giants Drive Wall Street Upward in Q3 Earnings Report; Alphabet and Microsoft Soar Amid Intel Disappointment

On Wall Street, Alphabet’s share saw an almost 10 percent increase in value after the company announced its first dividend. After about an hour of trading on the New York stock exchanges, the main stock indices, including the S&P 500, Nasdaq, and Dow Jones, were all showing positive gains. The S&P 500 general index was up by 1.1 percent while the technology-focused Nasdaq had risen by around two percent and the Dow Jones index by half a percent.

The positive news in the tech sector came as Google’s parent company Alphabet reported better-than-expected earnings per share and revenue. The company announced that it would be paying its first dividend in history, with a dividend of $0.20 per share. Similarly, Microsoft’s share rose by 2.6 percent after reporting results that exceeded analysts’ expectations. However, semiconductor manufacturer Intel saw a decline of around 10.5 percent due to disappointing guidance from the company.

Meanwhile, oil companies Exxon Mobil and Chevron experienced decreases in their stock values as investors were disappointed with their results despite macroeconomic data from the United States showing positive trends in private consumption and inflation levels. Overall, these developments contributed to the overall growth and optimism in the market with various companies reporting better-than-expected earnings and dividends being paid out.