Five things to watch in markets in the week ahead
US markets closed higher on Tuesday, led by robust earnings reports from major companies. The Dow Jones Industrial Average rose by 204.97 points, the S&P 500 increased by 0.73%, and the Nasdaq Composite Index climbed by 0.93%.
Coca-Cola (NYSE:KO)'s stock ascended by 2.88% after surpassing revenue estimates, while Spotify (NYSE:SPOT)'s shares surged over 10% following strong Q3 results. Microsoft (NASDAQ:MSFT) also reported a 27% increase in net income, with its Azure cloud revenue growth accelerating after two years of deceleration, leading to a 5% increase in extended trading.
However, not all companies shared the same fortune. Despite positive Q3 results, General Motors (NYSE:GM)' shares fell by 2.33% after it pulled its full-year outlook due to union strike costs. Alphabet (NASDAQ:GOOGL) Inc., the parent company of Google, reported an 11% revenue growth post-market but saw a decline in after-hours trading due to disappointing cloud revenue.
In the cryptocurrency market, Bitcoin's price surged to a 17-month high, recovering from Terra stablecoin-related losses amid optimism about US regulators approving cryptocurrency-focused funds.
Investors are closely watching the upcoming third-quarter consumer price index data, which may indicate a November interest rate hike. About 150 S&P 500 companies are set to report this week, with 23% having already reported, and 77% of them exceeding expectations.
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