Stock Pickers Face Mixed Bag From First Big Tech Earnings

The lockstep moves that have gripped the US stock market this month look set to end — at least for a day.

A slew of big tech earnings reports sent shares in heavyweights Microsoft Corp. and Alphabet Inc. careening in opposite directions. The Windows software maker surged more than 5% after its quarterly earnings showed revenue that topped analyst estimates, while Google’s parent slid by a similar amount on disappointing cloud revenue.

Texas Instruments Inc. and Visa Inc. also sped off on different tracks. The chipmaker slid 4.5%. while the payments processor gained 2.6% in after-hours trading. Snap Inc., the much smaller social media network, jumped as much as 24% before erasing those gains to trade lower by more than 6%.

Mixed Bag From Big Tech Earnings

The moves virtually canceled each other out at the index level. The largest ETF that tracks the Nasdaq 100 was essentially flat as of 4:45 p.m. in New York.

The divergence follows a streak of all-or-nothing stock-market days in which S&P 500 Index shares rose and fall in unison, reacting more to macroeconomic developments and geopolitical turmoil and less to company-specific news.