Microsoft Hits $1 Trillion Market Cap on Earnings Beat
Adviser Investments’ Chief Investment Officer Jim Lowell has the market analysis for Wednesday, April 24. Major U.S. stock indexes closed with slight declines: The Dow Jones Industrial Average, S&P 500 and NASDAQ Composite each fell 0.2%. Although lacking significant event-driven catalysts to propel markets, there were several noteworthy earnings reports—including Caterpillar and Microsoft. Caterpillar beat expectations but its stock fell nearly 3% on a downgraded outlook for sales in China. On the other hand, Microsoft’s stock rose more than 5% in after-hours trading as the company reported respective year-over-year revenue and profit gains of 14% and 19%. The stock’s advance nudged Microsoft over the $1 trillion market capitalization threshold.