Microsoft & Procter & Gamble and other mega cap stocks have published their quarterly earnings.
Leading equity indices in the US rose as Nasdaq ended the session at 11,622 after a 0.95% gain. S&P 500 gained 0.25% and closed at 4,070.56.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. These reports are typically announced once a quarter, and their timing is considered when making predictions about the market due to the large impact they have on it.
Markets were up and mega cap stocks have released their quarterly earnings reports. Have a look.
Microsoft: mixed results
Microsoft reported earnings results Tuesday, with EPS at 2.32 and revenues at $52.75 billion; these results are mixed when compared to a consensus of 2.27 Earnings Per Share and $52.96 billion revenue. Since the release of its earnings report, Microsoft gained 2.3%.
Without a clear direction, Microsoft closed at $248.16 while ranging between $246.83 and $249.82. The day's trading volume totalled 26.50 million shares — slightly under the 21-day average of 32 million.
The consumer goods corporation has recovered almost all of its session losses after dipping down to $139.29 Friday.
This year has been a gloomy one for the consumer goods corporation after trading as high as $164.14 and going on to lose 7.23% of its value. So far this year, it has been doing worse than the Dow by 9.71%. The company is currently trading with a market cap of $331.62 billion with an average daily trading volume of 6.86 million shares.