Live Nasdaq Composite: GOOGL (Nasdaq: GOOGL) Rises, INTC (Nasdaq: INTC) Sinks on Tech Earnings Day

After a three-day winning streak, the markets are getting off to a slower start, with all three of the major stock market averages meandering between positive and negative ground this morning. Small-cap stocks are out front with a 2% jump in the Russell 2000 index. Google parent Alphabet (Nasdaq: GOOGL) is tacking on 4% after yesterday afternoon’s strong earnings print. 

Mag 7 stock Alphabet beat consensus estimates on both the top and bottom lines, in response to which shares have been soaring ever since. Alphabet reported $2.81 per share on revenue of $90.2 billion compared with Wall Street estimates of $2.01 per share on revenue of $89.1 billion.

Bank of America’s Michael Harnett is bearish on stocks due to the trade uncertainties, advising investors to remain defensive, sell the SPX/US$ rallies and buy price dips in gold. 

Here’s a look at the performance as of morning trading:

Dow Jones Industrial Average: Down 61.79 (-0.18%) 
Nasdaq Composite:  Down 8.78 (-0.07%) 
S&P 500: Down 5.01 (-0.09%) 

Tech Roundup

Intel (Nasdaq: INTC) beat on the top and bottom lines with better than expected profits and revenue. But the markets are focused on the outlook, and Intel’s revenue guidance for the current quarter fell shy of consensus estimates, sending shares lower by 7% this morning. 

T-Mobile (Nasdaq: TMUS) shares are under pressure, falling 9% after the company revealed disappointing subscriber numbers in its quarterly print despite beating on the top and bottom lines.

Pony AI (Nasdaq: PONY) shares are continuing their wild ride, soaring 17.7% today after yesterday’s double-digit percentage rally.

Market Movers

Goldman Sachs has upgraded its rating on financial services stock Charles Schwab (NYSE: SCHW) to “buy” from “neutral,” citing “durable EPS growth.” 

Citizens JMP has started coverage on fintech stock SoFi Technologies (Nasdaq: SOFI) with a “market outperform” rating and a $17 price target attached, implying there is runway for gains of nearly 40%. 

Citi likes Super Micro Computer (Nasdaq: SMCI) and has started coverage with a “neutral” rating owing to “positive AI server demand.” 

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