Helloworld Travel Broker Ratings
4th May 2024
U.S. Market Recap – April 29 – Alphabet & Microsoft Lead Market Higher
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Market Overview
U.S. stocks rallied higher on Friday, with a rally in megacap growths led by quarterly results from Alphabet (+9.97%) and Microsoft (+1.82%) were well received, sending their respective share prices higher. The NASDAQ (+2.03%) was the big mover, with the S&P 500 (+1.02%) and Dow Jones (+0.40%) trailing.
Six out of the 11 major S&P 500 sectors finished higher, led by gains in Communication Services (+4.70%), Technology (+1.85%) and Consumer Discretionary (+1.32%) stocks.
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Join over 14,000 investors who never miss the day’s
top stock market news and company insights.
Stock Performers
Alphabet’s (+9.97%) stock jumped, crossing $2 trillion in market cap after it announced its first-ever dividend of $0.20 per share and a $70 billion stock buyback program. It also announced better-than-expected first-quarter results, reporting earnings of $1.89 per share, beating the estimated $1.51 in earnings per share.
Microsoft stock rose after reporting third-quarter earnings that exceeded expectations. Earnings per share were $2.94, beating estimates of $2.82. Revenue was $61.86 billion during the quarter, growing 17% YoY and beating expectations of $60.80 billion. Microsoft guided for revenue of $64 billion in the upcoming quarter, slightly below expectations of $64.5 billion.
