Nasdaq edges higher amid strong earnings expectations from tech giants

• S&P 500 rises 0.47 %

• Nasdaq composite index gains 0.9 %

• Dow Jones industrial average surges 0.15 %

US stock indices edged up on Wednesday amid earning seasons, thanks to solid earnings from Alphabet and other technology giants.

In Monday trade, the S&P 500 rose 0.47 %. The Nasdaq Composite Index gained 0.9 %, while the Dow Jones Industrial Average gained 0.15 %.

Stocks have tumbled in erratic trading this month as investors try to gauge how soon the Federal Reserve will raise interest rates in response to rising inflation and the tight job market.

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According to Deutsche Bank research, with earnings season nearly halfway through, the number of businesses that have outperformed Wall Street's forecasts on sales and profit is above normal, but fewer than earlier in the recovery, WSJ stated.

Alphabet Inc (NASDAQ: GOOGL), Google's parent firm, saw its stock rise 8.25 % as profit increased by a third in the most recent quarter. The search engine behemoth announced a 20-for-1 stock split that will go into effect in July this year, in which shareholders will receive a dividend of 19 additional shares.

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In Heavyweight technology stocks, Apple Inc (NASDAQ: AAPL) slightly decreased, Microsoft Corp (NASDAQ: MSFT) gained 0.79 % while  Meta Platforms Inc (NASDAQ: FB) jumped 1.29 %. 

Tesla Inc (NASDAQ: TSLA) ticked down 2.74 % after the company recalls nearly 54,000 vehicles in the U.S. with Full Self-Driving (FSD) testing software that can prompt cars to perform a “rolling stop” and not come to a complete stop at some intersections, posing safety risks.

While Brent crude, the global oil benchmark dropped 0.33 % to $88.87 a barrel. WTI Crude oil prices plummeted 0.49 % to $87.80 per barrel.

Read more: US stock futures edge up ahead of job openings data

Overseas, the Stoxx Europe 600 index climbed 0.54 % while Shanghai Composite Index declined 0.97 %. Nikkei 225 advanced 1.68 % and Hang Seng Index soared 1.07 %.

Picture Credits: ET