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Nasdaq futures rally as Alphabet, AMD jump after results -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO Traders working at the New York Stock Exchange, New York City, U.S.A, 26 January 2022. REUTERS/Brendan McDermid

(Reuters) – After a slow start to February, the market climbed on Wednesday. This was due to a close 10% increase in Google parent Alphabet (NASDAQ) and chipmaker Advanced Micro Devices(NASDAQ:), following solid fourth quarter results.

Alphabet Inc recorded record quarterly sales as its internet advertising business grew on the rise of consumers searching Google for online shopping and increased marketing spending by advertisers.

It also stated it will do a 20 to one stock split.

Advanced Micro Devices Inc rose 11.3% following Tuesday’s forecast of 2022 revenue exceeding expectations. The strong quarterly demand for semiconductors led to a stronger quarter than expected, in spite global supply problems.

Its positive outlook helped boost shares of Nvidia (NASDAQ) Corp, Qualcomm(NASDAQ:) Inc, and Micron Technology Inc. (NASDAQ) between 2.7% to 5.3%.

5.45 AM. ET. The Nasdaq100 e-minis went up 1.5% or 55 points or 0.16% and 35.75 or 0.79% respectively.

The tech-heavy will see fourth straight session gains if the gains continue. This follows a year that saw investors dump highly valued growth stocks in anticipation of higher-than-expected rates.

 

 

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